BERLIN, April 29 (Reuters) - Deutsche Lufthansa on Thursday reported a smaller first-quarter net loss than a year earlier, thanks to drastic cost cuts, and said it expects a significant market recovery in the second half of the year.
The German carrier said its net loss came at 1.05 billion euros ($1.27 billion), almost half of the loss it posted for last year’s first quarter.
First-quarter adjusted loss before interest and taxes (EBIT) also narrowed, coming in at 1.14 billion euros.
It said demand is expected to pick up only gradually in the second quarter and saw a significant market recovery in the second half of the year, thanks to vaccinations rollouts and growing testing acceptance.
$1 = 0.8243 euros Reporting by Riham Alkousaa; Editing by Maria Sheahan