FRANKFURT, Germany (WR) — German airline group Lufthansa on Thursday reported a internet lack of 1.49 billion euros ($1.77 billion) for the second quarter, when the pandemic primarily shut down passenger site visitors, and issued a sobering forecast for demand to not attain pre-virus ranges earlier than 2024.

“Particularly for long-haul routes there shall be no fast restoration,” CEO Carsten Spohr stated in an announcement accompanying the quarterly earnings assertion.

Lufthansa stated it carried 96% fewer passengers through the April-June quarter and skilled an 80% drop in income, to 1.9 billion euros from 9.6 billion euros in the identical quarter a 12 months earlier. Most of that income got here from the corporate’s cargo and upkeep companies, not from flying passengers.

The corporate is the recipient of a 9 billion-euro authorities bailout to allow it to maintain flying and says it can emerge from the pandemic as a smaller airline with 22,000 fewer jobs as a result of a cost-cutting program.

The corporate slashed working bills through the quarter with the assistance of presidency wage assist applications for workers placed on shorter hours or no hours. It additionally canceled non-essential expenditures.

The cargo division made a revenue of 299 million euros, up from 9 million a 12 months in the past.

Lufthansa has began flying short-haul trip flights however in July its choices reached solely round 20% of final 12 months’s stage. It stated brief and medium haul capability would improve to 40% within the third quarter and long-haul capability to 20%.

It forecast an working loss for the remainder of the 12 months and stated it anticipated long-haul routes – usually a key supply of earnings – “will proceed to be served solely to a really restricted extent as a result of ongoing journey restrictions.”