"During the year, we will look into the strategy, have considerations about size of freighter fleet and further measures," Simone Menne told analysts after the group reported first-quarter results and cut its 2016 profit guidance for the cargo unit.

She added that there was a hiring and investment freeze at the unit, which saw operating profit fall by 71 million euros ($82.4 million) in the first quarter to record a loss of 19 million euros.

She said that the cargo arm was suffering from huge overcapacity being available in the bellies of passenger planes and that there were no signs of recovery.

(Reporting by Victoria Bryan; Editing by Maria Sheahan)