Lufthansa to scrap 95% of operations, flightsChristian Fernsby ▼ | March 25, 2020
Lufthansa Group currently only operates 63 of its 763 aircraft fleet, as the effects of the pandemic continues to hammer the aviation industry.
Air industry Lufthansa
Topics: Lufthansa flight
"We reduced our flight programs more seriously and quicker than our rivals," Carsten Spohr, of Lufthansa, said in a statement. Spohr added that the decision was, at first, greeted with laughter from their rivals, "but I can assure you that no one in our industry is laughing anymore."
Lufthansa, whose stock market value fell to 4 billion euros ($4.3 billion) nearly half this year, was shielded by German law from aggressive foreign takeovers, Spohr said in response to a reporter's query. The shares increased by 5 percent. ■