Lufthansa thrown into loss
Losses at Bmi have thrown Lufthansa Group into an unexpected net loss in 2011.
The group reported a net loss of €13 million (£11 million), compared with a profit of €1.1 billion the previous year.
It said the loss "reflects current losses at British Midland Ltd. and valuation effects linked to its disposal".
Lufthansa is in the process of selling Bmi to British Airways’ parent IAG Group, but awaits regulatory approval.
Lufthansa’s Austrian Airlines has also suffered the effects of high fuel prices and Europe’s debt crisis.
Lufthansa did not give a break down of fourth-quarter results, but a calculation by a Dow Jones Newswires showed it suffered a net loss of €301 million in the three months to December 31, compared with a €607 million profit in the same period in 2010.
Analysts had forecast much lower net losses of around €40 million for that quarter.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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