INTERNATIONAL - Lufthansa reported an operating loss of 336 million euros ($380 million) for the first three months of the year, hurt by rising fuel costs and excess capacity in Europe, sending its shares down on Tuesday.
Germany’s biggest airline said in an after-hours update on Monday that a 202 million euro rise in fuel costs had contributed to the loss, while ticket prices fell significantly at Lufthansa’s other airlines, which include SWISS and Austrian Airlines, as well as budget carrier Eurowings.
The size of the loss was far greater than analysts had expected.
Lufthansa’s stock was down 1 percent at 0925 GMT, underperforming Germany’s bluechip index by around 2 percent and dragging down shares of rivals Ryanair, EasyJet and Air France KLM.
Lufthansa’s loss added weight to concerns across the industry and follows a bleak report from easyJet, which said on April 1 it expected to report a 275 million pound ($360 million) loss in the six months to the end of March.