Lufthansa net profits climb in ‘challenging’ times

Frankfurt: German airline Lufthansa reported a rise in quarterly net profit on Thursday and confirmed its full-year outlook, even as higher fuel costs added to a “challenging market environment”. On the same day that it faced a major cabin crew strike in Germany, the carrier announced a net profit of 1.15 billion euros ($1.27 billion) between July and September, up four per cent year-on-year. But the jump was mainly thanks to accounting effects, with the group’s operating profit adjusted for some one-off items, actually falling eight per cent to 1.3 billion euros. Lufthansa — which includes Brussels, Swiss and Austrian Airlines — said it had faced higher than expected fuel costs that were only partially offset by cost-cutting efforts. And like rival airlines it was grappling with “a general slowdown in the global economy”, it said in a statement. Revenues for the period were up two per cent to 10.2 billion euros. — AFP