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Business

Lufthansa's 2008 profit fell 64 percent

Latest update : 2009-03-11

German flag carrier Lufthansa announced its net 2008 profit fell 64 percent to 599 million euros (760 million dollars). This fall reflected the fact that record 2007 results were boosted by 585 million euros in exceptional items.

AFP  - German flag carrier Lufthansa said Wednesday its 2008 net profit fell 64 percent to 599 million euros (760 million dollars) and that it expected a further drop this year.

The fall reflected the fact that record 2007 results were boosted by 585 million euros in exceptional items, Lufthansa said, adding that it expected to make a profit this year but it would be smaller than the one in 2008.

The 2008 outcome "represents an outstanding result and its quality is underlined by the fact that it has been achieved during a time of global economic crisis," a statement quoted Lufthansa chairman and chief executive Wolfgang Mayrhuber as saying.

Analysts had forecast a higher net profit of 738 million euros.

Mayrhuber said that 2009 would present a "far more challenging environment" but added that the airline's financial situation and operational flexibility would allow it to benefit from opportunities as well.

"Crises always seem to have a repositioning aspect to them and we will be sure to secure the right position for the future," Mayrhuber said.

Despite a litany of problems, including record fuel costs, strike-related losses and a drop in demand owing to the global economic slump, the airlines's operating profit fell just 1.7 percent at 1.35 billion euros.

Revenue rose 10.9 percent to 24.9 billion euros.
 

Date created : 2009-03-11

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