Lufthansa reports 2009 net loss of $152 million

Lufthansa reports 2009 net loss of $152 million

Frankfurt: German airline Deutsche Lufthansa AG says it lost €112 million ($152 million) in 2009 as the industry struggled with low demand and less premium traffic sales through the downturn.

The loss compares with a net profit of €542 million in 2008.

The Cologne-based company, Europe’s largest airline by sales, says operating profit fell 90% to €130 million from €1.3 billion in 2008.

It says 2009 revenue is 10% lower at €22.3 billion compared with €24.8 billion in 2008.

“Given the net losses reported in the consolidated and individual financial statements of Deutsche Lufthansa AG, the executive board will propose not to distribute a dividend for the financial year 2009," the company said Tuesday in a brief statement.