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Lufthansa sees net loss widen after restructuring costs, strike

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(Globalpost/GlobalPost)

FRANKFURT - German airline Lufthansa says its net loss widened in the first quarter due to costs from restructuring and a strike by cabin personnel.

Net losses deepened by 16.5 per cent to 459 million euros ($600 million). Revenue increased 0.1 per cent to 6.6 billion euros.

The one-day strike on Mar. 21 shut down almost all of Lufthansa's 1,700 flights. The airline also took a charge of 64 million euros for severance and other costs of restructuring. And it noted Thursday that the first quarter is typically a weak one.

The airline stuck with its forecast for increased operating earnings this year over last year, but warned that the company would have to press ahead with restructuring in order to compete with big airlines in the Middle East and European low-cost carriers.

http://www.globalpost.com/dispatch/news/the-canadian-press/130502/lufthansa-sees-net-loss-widen-after-restructuring-costs-stri