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Lufthansa Confirms Huge Refund Operations
Shares in German airline Lufthansa are trading a little under 2% higher pre-market on Tuesday. Shares are trading around 22% higher on the month so far.
The rally comes despite the group recently announcing that it had paid back over 2 billion EUR in refunds to over 5 million customers. Lufthansa noted that around 90% of all refund applications from H1 had now been processed and paid. The group advised that it had “worked hard to increase its reimbursement capacities significantly”.
The firm noted that it had adapted its operational processes in order to allow for payments to be made more swiftly. Lufthansa went on to say that it aims to have completed and paid all “justified claims” by the end of the month. There are 1.4 million applications still pending currently.
Q2 Earnings Miss
Lufthansa reported earnings per share of -3.12 in Q2. This is worse than the expected -2.78. Consolidated net loss in Q2 is 1.5 billion EUR, versus profits of 226 ...
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