German flag carrier Lufthansa has reported a nearly 16% drop in turnover in the first half of the year, saying the economic downturn was hitting the travel business hard.
The airline said it had posted €10.2 billion in revenue during the first six months of the year, down 15.7% on the same period last year and leading to a net loss of €216 million.
It said the recession had hurt sales of first-class and business-class tickets in particular.
'The persistent economic crisis and its effects on demand, particularly in the premium segment, placed a considerable burden on the result,' it said in a statement.
Lufthansa's operating result reached €8 million during the same period, down steeply from €677 million in the first half of 2008.
The company said it hoped to make a profit for the full year due to ambitious cost cuts announced this month but acknowledged the outlook was cloudy.
'There are considerable risks to the achievement of this goal from future developments in demand and fuel prices,' it said.
The company is due unveil complete first-half results tomorrow.
