NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Lufthansa estimates strike related costs at 250 million euros so far this year - CFO

Published 20/03/2024, 17:37
© Reuters. FILE PHOTO: Lufthansa planes stand parked as Frankfurt airport is closed to passengers with planned departures due to a strike organised by Verdi union, in Frankfurt, Germany, March 7, 2024. REUTERS/Kai Pfaffenbach/File Photo
LHAG
-

BERLIN (Reuters) - Lufthansa suffered losses of 250 million euros ($271 million) so far this year due to strikes, according to the estimates of the airline's finance chief Remco Steenbergen.

"Due to numerous strikes - especially at Lufthansa Airlines - we not only lost capacity for our customers in the first quarter, but also a three-digit million euro amount," he said in a statement for employees of the company seen by Reuters.

In addition to 100 million euros in direct costs, there were also losses in bookings for passenger flights and air freight orders because customers avoided the airline due to uncertainty about the strikes.

"No one can simply recoup around 250 million euros," said the CFO.

Ground staff walked off the job at major airports twice last month, which Lufthansa said had affected 100,000 passengers. There were also strikes of cabin crews and aviation security staff at several airports in March.

© Reuters. FILE PHOTO: Lufthansa planes stand parked as Frankfurt airport is closed to passengers with planned departures due to a strike organised by Verdi union, in Frankfurt, Germany, March 7, 2024. REUTERS/Kai Pfaffenbach/File Photo

From Monday, Lufthansa and the Verdi union will try to reach a consensus in the wage dispute over more money for ground staff through arbitration.

($1 = 0.9211 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.