MIAMI – Lufthansa (LH) announced today that it will go ahead with an additional 10,000 employee layoffs beginning in early 2022. This news comes after the carrier reported that it lost more than €1B (US$1.21B) in Q1 2021.
During his presentation of the quarterly results, Chief Financial Office Remco Steenbergen confirmed that the company is making preparations for the layoffs.
According to Aerotime Hub, LH has already cut 24,000 jobs in the past 12 months. With these additional 10,000 cuts, the airline will fall by approximately 60,000 employees.
In Q1 2021, Lufthansa’s operating profit fell to €4 billion (US$4.82B) in comparison to €8.2 billion (US$ 9.89B) for Q1 2020.
However, while LH still burns up to €235 million (US$283 M) per month, its quarterly net loss halved from €2.1 billion (US$2.53) in Q1 2020 to more than €1 billion (US$1.21B) in Q1 2021.
The airline has struggled significantly and has had to cut its fleet, route network and employees to survive the pandemic’s challenges.
Featured Image: Kochan Kleps/Airways