Lufthansa’s chief executive said he now foresees a full-year operating loss for the company’s cargo business as the global economic crisis continues to depress the air freight market. In 2008 the cargo division posted a €164 million operating profit in 2008, equal to 12 per cent of the group total. “It is apparent that the (cargo) market will remain at this extremely low level,” Lufthansa CEO Wolfgang Mayrhuber said at the company’s annual shareholders’ meeting. Lufthansa Cargo’s volumes fell almost 20 per cent in March after declines of close to 25 per cent in each of the previous two months. Overall, Mayrhuber was somewhat more optimistic saying that while he still saw operating profit falling from last year’s €1.35 billion but clearly remaining in positive territory. “The year 2009 will really put us to the test,” he said.