Lufthansa CEO slams ultra-cheap fares
Deutsche Lufthansa AGs Chief Executive Officer Carsten Spohr criticised competitors for offering unprofitable ultra-cheap fares as a price war squeezes industry earnings.
Tickets costing less than 10 euros ($11) are economically, ecologically and politically irresponsible, he said in an interview with the Swiss newspaper NZZ am Sonntag. Flights for less than 10 euros shouldn’t exist.
Europe’s two biggest low-cost carriers are losing a massive amount of money as they seek to boost sales in Germany, Lufthansa’s home market, Spohr said. Lufthansa lowered its 2019 profit forecast last month, citing a decline in air fares caused by competition from low-cost rivals in Europe particularly Germany and Austria.
