German airline Lufthansa is heading to further reduce its fleet and workforce in light of the deterioration in air travel expectations, as the Coronavirus crisis forced the company to spare 1.1 billion euros ($ 1.3 billion) in allocations to reduce the value of its aircraft.
According to Reuters, the company that received a government rescue package of 9 billion euros in June said that expectations for international air travel have deteriorated in recent weeks, along with Reservation numbers decreased with the end of the travel period for the summer holidays.
Lufthansa said it now expects work capacity to be in the range between 20 percent and 30 percent in the fourth quarter of the year, down from a previous forecast of 50 percent. Signs of a European recovery ebbed at the start of the summer due to travel restrictions and quarantine measures.
As a result, Lufthansa intends to reduce 150 aircraft from its fleet, which is 50 more aircraft than it had previously planned, to about 650 aircraft, adding that this It means that it will need to cut more jobs from the previously announced figure, which is 22,000 full-time jobs.
by 1417 GMT, Lufthansa shares were down 9.6 percent, compared with the German DAX down 4.1 percent.
(Amazon fun knowledge)
