Lufthansa posts serious slump in operating profits
Friday, 30 Oct, 2009
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Lufthansa has reported a 728 million euros drop in operating profit for the first nine months of 2009 to 226 million euros.
The figure includes the financial results of Austrian Airlines and bmi.
The drop is due to a decline in average yields in the business passenger segment and the overall economic climate globally.
The airline said the slump in corporate travellers has led to greater price sensitivity in all booking classes.
Chairman and chief executive officer Wolfgang Mayrhuber said: “Today we benefit from the fact that we were on a solid foundation with attractive products and that we were quick to recognize the turbulence ahead and tighten our safety belts. However, we cannot be satisfied with the result that we have achieved to date and will therefore have to increase our efforts further and do even more to safeguard earnings.”
He added: “The figures speak for themselves. Whereas recent months have seen the stabilization of demand in the passenger business, revenues remain at rock-bottom despite record load factor. All of the business segments are working hard to overcome the consequences of the crisis and to adjust their structures to the altered competitive environment.”
Dinah Hatch
Phil Davies
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