April 23, 2020 / 3:50 PM / a month ago

Lufthansa reports first quarter operating loss of 1.2 billion euro

FILE PHOTO: Planes of German airline Lufthansa are parked at Frankfurt airport as the spread of the coronavirus continues, Germany March 24, 2020. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - Lufthansa (LHAG.DE), which has grounded almost all its aircraft due to the coronavirus pandemic, said its operating loss increased to 1.2 billion euros (1.05 billion pounds) during the first three months of the year and the loss would be considerably higher in the current quarter.

Crisis-related asset impairments and a slump in the value of fuel hedges would have a further significant negative impact on first-quarter net income, the German airline said on Thursday.

More detailed results would be published during the second half of May, it added.

The operating loss in the first quarter compares to a year-earlier loss of 336 million euros.

Reporting by Ludwig Burger;Editing by Elaine Hardcastle

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