Jens Ritter, CEO of Lufthansa Airlines (LHAG.DE), shared significant insights into the company’s restructuring efforts and objectives. Speaking to journalists on Wednesday evening, Ritter stated that Lufthansa aspires to be Europe’s leading premium airline. However, he acknowledged that the company has not yet reached the desired benchmark.
Ritter remarked, “While we’ve seen many positive developments in recent months, we’re not yet profitable. Achieving profitability is our goal, and we are on the right path to getting there.”
Ongoing Restructuring Efforts
The Lufthansa Group has implemented an extensive restructuring programme focused on cost reductions and revenue growth. Lufthansa, the group’s flagship brand, is described as the “problem child,” with a significant portion of restructuring efforts centred on this brand.
As part of the programme, the company aims to cut costs by two-thirds and increase revenues by one-third. Ritter disclosed that over 600 measures have been identified across all divisions to steer the company back toward profitability.
Europe’s Premium Airline Ambition
In the fiercely competitive aviation sector, Lufthansa is striving to position itself as Europe’s leading premium airline. While notable progress has been made toward this goal, Ritter emphasised that there is still ground to cover.
Although the company has taken substantial strides in recovering from the pandemic, market volatility and rising costs continue to impact profitability. To counter these challenges, Lufthansa is pursuing comprehensive strategies to secure its position in the industry.
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