June 3, 2020 / 5:03 AM / 2 months ago

Germany's Lufthansa post Q1 net loss of 2.1 bln eur

FRANKFURT, June 3 (Reuters) - German airline Lufthansa posted a net loss of 2.1 billion euros ($2.35 billion) in the first quarter, writing down the value of assets as the coronavirus pandemic hits the travel sector.

The loss, which compares to a net loss of 342 million euros in the year-earlier period, was driven by write-downs of 266 million on its fleet, as well as write-downs on the book value of catering business LSG North America by 100 million euros and on budget unit Eurowings by 57 million euros, the carrier said on Wednesday.

Lufthansa added it was bracing for a significant decline in full-year earnings before interest and tax, saying it was unable to be more specific amid uncertainty over the pandemic.

$1 = 0.8925 euros Reporting by Ludwig Burger; editing by Thomas Seythal

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