April 30, 2019 / 5:00 AM / 3 months ago

Lufthansa first-quarter net loss widens as fuel costs weigh

FRANKFURT, April 30 (Reuters) - Lufthansa reported a net loss of 342 million euros ($383 million) for the first three months of the year, hurt by rising fuel costs and excess capacity in Europe.

“We are confident, though, that we will see a recovery in our unit revenues as early as the second quarter. Our confidence is based above all on our favorable booking levels for the month ahead,” Chief Financial Officer Ulrik Svensson said in a statement.

For 2019, the group still expects to make an adjusted operating profit margin of 6.5-8.0 percent. But Lufthansa now expects capacity at Eurowings to be flat, compared to a previous forecast of a 2 percent rise.

Fuel costs are projected to be 700 million euros above the previous year, 50 million more than in its previous guidance.

$1 = 0.8939 euros Reporting by Arno Schuetze; editing by Thomas Seythal

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