Frankfurt-German airline Lufthansa’s cargo unit has said that it will slash up to 800 jobs in the world, helping it cut costs by 80 million euros a year.

The company briefed the workers on Friday about its austerity measures, which clearly indicate that the slashed jobs in Germany alone will reach 500.

Lufthansa Cargo suffered in the first quarter of this year 19-million-euro losses in return for 52 million euro earnings at the same period last year.

The revenues of the company have also dropped 22 percent, forcing it to postpone for two years the construction of a new cargo center in Frankfurt.

Lufthansa expects profits at its cargo arm will drop significantly this year from 74 million euros in 2015.

The firm has 4,600 personnel in the world.

A company spokesman has previously refused to comment on a report issued by Deir Spiegel on the firm’s plans to cut jobs.