German national carrier Lufthansa is cutting costs after labour strikes in the first quarter.
When presenting its final quarterly figures in Frankfurt on Tuesday, the MDax-listed company announced that its core brand Lufthansa intends to reduce operating costs, stop new projects and review administrative hiring.
Group-wide, chief executive Carsten Spohr expects flight capacity for 2024 to be only 92% of the level seen before the Covid-19 crisis.
However, bookings for the summer half-year are 16% higher than a year ago.
Spohr had already slashed his profit forecast for 2024 in mid-April due to the impact of the strike.
The manager now only expects an adjusted earnings before interest and taxes (EBIT) of around €2.2 billion ($2.35 billion), half a billion less than originally targeted.