Lufthansa CEO Says No End in Sight to Burning Through Cash | Investing News
FILE PHOTO: Lufthansa CEO Carsten Spohr awaits the arrival of a Lufthansa Cargo aircraft from Shanghai, carrying 8 million protective masks in Munich, Germany, April 7, 2020, as the spread of the coronavirus disease (COVID-19) continues. REUTERS/Andreas GebertReuters
FRANKFURT (Reuters) – Deutsche Lufthansa
is burning cash at a rate of 500 million euros ($590 million) per month and is far from breaking even, the German airline’s chief executive said on Monday.
Speaking at an event run by the BDI association of German industrial companies in Berlin, Carsten Spohr said the airlines group, hit by Europe’s worsening coronavirus situation, was hoping to stop the outflow of cash once it reached a utilisation rate of about 50% for seat capacity.
“That is absolutely not foreseeable. We are happy if we can reach 20% during winter,” he added.
Lufthansa, which in June received a 9 billion euro government bailout, last month announced