Lufthansa has cut losses to a million euros every two hours, says CEO

German airline Lufthansa is losing 1 million euros ($1.2 million) every two hours, which represents "a significant improvement" over the low point of the COVID-19 crisis, Chief Executive Carsten Spohr said on Thursday.

Lufthansa, which was racking up losses at twice that rate at one point last year, has cut costs and pared flights to those generating positive cash flow thanks largely to buoyant cargo rates, Spohr said in a webcast interview hosted by Eurocontrol. ($1 = 0.8236 euros)