Advertisement
Singapore markets close in 8 hours

  • Straits Times Index

    3,272.72
    +47.55 (+1.47%)
     

  • Nikkei

    38,263.35
    +711.19 (+1.89%)
     

  • Hang Seng

    16,828.93
    +317.24 (+1.92%)
     

  • FTSE 100

    8,044.81
    +20.94 (+0.26%)
     

  • Bitcoin USD

    66,731.48
    -284.79 (-0.42%)
     

  • CMC Crypto 200

    1,433.05
    +18.29 (+1.29%)
     

  • S&P 500

    5,070.55
    +59.95 (+1.20%)
     

  • Dow

    38,503.69
    +263.71 (+0.69%)
     

  • Nasdaq

    15,696.64
    +245.33 (+1.59%)
     

  • Gold

    2,335.40
    -6.70 (-0.29%)
     

  • Crude Oil

    83.45
    +0.09 (+0.11%)
     

  • 10-Yr Bond

    4.5980
    -0.0520 (-1.12%)
     

  • FTSE Bursa Malaysia

    1,561.64
    +2.05 (+0.13%)
     

  • Jakarta Composite Index

    7,110.81
    -7,073.82 (-49.87%)
     

  • PSE Index

    6,506.80
    +62.72 (+0.97%)
     

No signs of recovery in cargo market, to look at fleet - Lufthansa CFO

Reuters

FRANKFURT (Reuters) - Lufthansa (LHAG.DE) is weighing up further cost-cutting measures and fleet plans at its cargo unit due to ongoing weakness in the air freight market, the group's chief financial officer said on Tuesday.

"During the year, we will look into the strategy, have considerations about size of freighter fleet and further measures," Simone Menne told analysts after the group reported first-quarter results and cut its 2016 profit guidance for the cargo unit.

She added that there was a hiring and investment freeze at the unit, which saw operating profit fall by 71 million euros ($82.4 million) in the first quarter to record a loss of 19 million euros.

She said that the cargo arm was suffering from huge overcapacity being available in the bellies of passenger planes and that there were no signs of recovery.

(Reporting by Victoria Bryan; Editing by Maria Sheahan)