India Crypto Exchange

Best Bitcoin Trading Platform

Tag Archive : Lufthansa

Air France-KLM warns of bigger losses amid lockdowns

Air FranceKLM unveiled a 1.05 billion-euro ($1.24 billion) quarterly operating loss and warned of worse to come as a resurgent coronavirus brings new travel curbs. The Franco-Dutch airline group reported a 67% drop in third-quarter revenue to 2.52 billion euros on Friday, as France returned to full lockdown for at least a month.

New COVID-19 outbreaks pose a threat to network airlines already weakened by the crisis and long-haul travel collapse. “The gradual closure of international borders in the second half of August and the resurgence of the pandemic strongly impacted our results,” Chief Executive Ben Smith said.

Air France-KLM has 12.4 billion euros in liquidity, thanks largely to a French and Dutch government-backed bailout, a cash cushion comparable to those of European peers Lufthansa and IAG. Net debt increased by 1.34 billion euros in the quarter to 9.31 billion as of Sept. 30.

But the depletion will accelerate with a further collapse in traffic, Chief Financial Officer Frederic Gagey cautioned. Air France is expected to operate less than 35% of its year-earlier capacity in the fourth quarter, with KLM’s schedule only “slightly” better, he added.

And the group’s 1.22 billion-euro quarterly operating cash burn would have been 582 million euros worse without payment delays from suppliers and tax authorities – whose benefit will now begin to wear off. The operating loss was better than the 1.24 billion euros expected by analysts on 2.79 billion in revenue, according to the median of 16 estimates in a company consensus poll.

Earnings before interest, tax and depreciation came in at a negative 442 million euros and will be “substantially lower” in the fourth quarter, Air France-KLM said. Some 565 million euros in restructuring charges swelled its bottom-line net loss to 1.67 billion. Air France and KLM aim to reduce combined headcount by the equivalent of 9,000 full-time positions this year, with a further 4,500 to follow at the French carrier by 2022.

A doubling of cargo unit-revenue was a rare bright spot, thanks to freight pricing supported by the widespread grounding of planes, but did little to offset the broader gloom. Air France-KLM said it still aims to raise new capital to bolster its debt-laden balance sheet: a second step demanded by creditor banks and announced with the April bailout. “We’re working intensively on it,” Gagey said.

Lufthansa to allow check-in with digital vaccine pass

Lufthansa will allow passengers to use new digital COVID-19 vaccination certificates at check-in for their flights, the German airline said on Thursday.

Lufthansa said passengers would be able to show the digital proof of vaccination either on their phones or on a printout when checking in at the airport, and the boarding pass would then be issued.

“This eliminates the need to juggle different papers and proofs. It also significantly reduces the risk of misuse of fake vaccination certificates,” Lufthansa said.

Germany started issuing QR codes for those who are fully vaccinated last week.

Germans are booking holidays again at rates higher than in 2019 before the coronavirus hit, TUI Group , the world’s biggest holiday group, said on Wednesday.

Lufthansa said on selected routes it would also soon be possible to use the digital vaccination certificate to check in via smartphone using the airline’s app.

Passengers who want to check they have the right paperwork can also contact the Lufthansa service centre up to 72 hours before they fly, which can also deal with proof of a negative COVID-19 test, recovery from the virus and also vaccinations.

Lufthansa said it still recommends that passengers carry their original printed vaccination certificates with them on their journey until further notice.

Lufthansa said earlier on Thursday its new subsidary focused on holiday flights, Eurowings Discover, will ramp up operations faster than expected this year, starting with a flight at the end of July from Frankfurt to Mombasa.

European Union countries agreed last week to an easing of travel restrictions over the summer that will allow fully vaccinated tourists to avoid tests or quarantines and broaden the list of EU regions from which it is safe to travel.

Britain is considering easing travel restrictions for double vaccinated people, a move which would placate airlines who are threatening legal action against the government’s strict curbs on trips abroad.

Lufthansa suspends flights to Tel Aviv through Friday

German airline Lufthansa on Thursday said it was suspending all flights to Tel Aviv through Friday, May 14, due to an escalating conflict in Israel.

“Lufthansa is closely monitoring the current situation in Israel and continues to maintain a close exchange with the authorities, security service providers and our own staff on the ground,” the company said in a statement.

Lufthansa said it expected flights to Israel to resume on Saturday, May 15.