Lufthansa reports smaller than expected net loss in fourth-quarter

FILE PHOTO: Planes of German air carrier Lufthansa are seen at the airport in Frankfurt, Germany, February 12, 2019. REUTERS/Kai Pfaffenbach

BERLIN (Reuters) – Deutsche Lufthansa on Thursday posted a smaller-than-expected net loss in the fourth quarter and forecast an operating loss in 2021 below last year’s level.

The German carrier said its net loss came at 1.14 billion euros ($1.37 billion), above the company’s analyst consensus for a loss off 1.24 billion euros in the October-to-December period.

Fourth quarter adjusted earnings before interest and taxes (EBIT) came at -1.29 billion euros, also better than the analyst forecast.

The airline, which secured 9 billion euros in state aid last year, said it expects 2021 capacity on offer of 40% to 50% of 2019 levels and an average monthly operating cash drain of around 300 million euros in the first quarter of 2021.

($1 = 0.8293 euros)

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