FRANKFURT (Reuters) – Germany’s flag provider Lufthansa reported a bigger-than-expected quarterly loss on Thursday as rising gas prices cancelled out income positive aspects from booming journey demand after lifted COVID-19 restrictions.

The airline’s adjusted loss earlier than curiosity and taxes (EBIT) narrowed to 591 million euros ($627.46 million) within the first quarter from the loss 1.05 billion euros it reported for a similar interval of 2021.

Analysts had on common anticipated the loss to slender to 558 million euros based on a company-provided consensus.

Nevertheless, the corporate confirmed its forecast for an enchancment of its adjusted EBIT in 2022 in comparison with 2021.

“The present degree of bookings offers us confidence that our monetary outcomes will additional enhance within the coming quarters. We should go by way of rising prices to prospects,” finance chief Remco Steenbergen stated in a press release.

($1 = 0.9419 euros)