RTTNews | Aug 5, 2021 01:22AM EDT

01:21 Thursday, August 5, 2021 (RTTNews.com) - Lufthansa Group (DLAKF, DLAKY) reported narrower loss for the second quarter, reflecting strong sales growth, fueled by a significant market recovery with increasing passenger and booking numbers.

The company's Q2 net loss narrowed to EUR 756 million or EUR 1.26 per share from the previous year's loss of EUR 1.5 billion or EUR 3.12 per share.

Group sales amounted to EUR 3.2 billion, a jump of 70%, compared to EUR 1.9 billion generated a year ago.

At EUR 8.9 billion, net debt was EUR 1.0 billion lower than EUR 9.9 billion recorded at the end of 2020, mainly due to the drawing of part of the Silent Participation I of the Economic Stabilization Fund, which is accounted for as equity. Excluding the drawing, net debt at EUR 10.4 billion was around EUR 500 million higher at the end of 2020.

Remco Steenbergen, CFO of Deutsche Lufthansa AG, said, "In our financial management, our focus remains on strengthening our balance sheet. The second quarter was another step in the right direction. However, there is no way around making the Lufthansa Group profitable again as quickly as possible and implementing further cost reductions."

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