Deutsche Lufthansa narrowed its first-quarter net loss to €397 million from €507 million for the same period last year.

The airline group's 6 percent year-over-year increase in traffic revenue was not nearly enough to overcome "increased fuel costs, the air traffic tax imposed in Germany and Austria and the costs of emissions trading in force in Germany since 2012." The company, which includes Lufthansa, Austrian Airlines and Swiss, plans to cut 3,500 full-time jobs "in administrative departments worldwide over the coming years."