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BASEL, SWITZERLAND - Lufthansa Group subsidiary Swiss International Airlines is planning to shrink its fleet size, after recording a CHF84.1 million (USD86.1 million) loss in the first quarter of the year, a 20% decline compared with the same period of the previous year.

The airline made an operating profit of CHF48.3 in the same period of 2019.

The airline has announced that it would resize its fleet by delaying deliveries of short- and medium-haul aircraft currently on order and is further considering retiring older planes earlier than previously planned.

Swiss currently has 16 Airbus A320neos, eight A321neos, and a single A220-300 on order from the European planemaker. The A220-300 is the last from an order package for 30 A220s, deliveries of which began in 2016.

The carrier has a total of 90 aircraft. In addition to the 29 A220s, the Swiss fleet comprises of a single A319ceo, 19 A320ceos, a single A320neo, nine A321ceos, 14 A330-300s, five A340-300s, and 12 Boeing 777-300ERs.

The airline’s leisure subsidiary Edelweiss has 10 A320ceos, two A330-300s, and four A340-300s.

In April, Lufthansa revealed an agreement under which the Swiss government will provide a loan of CHF1.5 billion to prevent the insolvency of Swiss and Edelweiss.

"The government loan guarantees, financial support from Lufthansa, and cost-saving measures will enable us to bridge any liquidity gap,”

Swiss’ Chief Finance Officer Markus Binkert said.

“We will be doing everything in our power to repay such loans with interest with all possible speed,”

Binkert added.

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