FRANKFURT, Germany — German airline giant Lufthansa on Friday slashed its 2024 profit forecast after a weak second quarter, and warned it would be “challenging” for its flagship carrier to break even.
The group now expects operating profit of 1.4 to 1.8 billion euros ($1.5 to $1.9 billion) for the year, down from a previous estimate of around 2.2 billion euros, it said in a statement.
Lufthansa’s total second-quarter operating profit was 686 million euros, down from 1.1 billion a year earlier, according to preliminary figures.
Flagship carrier Lufthansa Airlines saw its profits fall particularly sharply due to a “negative market trend,” inefficient flight operations and delayed aircraft delivery, the statement said.
“It is becoming increasingly challenging for Lufthansa Airlines to break even for the full year.
“To counteract this, a comprehensive turnaround program is being launched,” Lufthansa said.
Earnings for the group’s other passenger airlines as well as its cargo and maintenance businesses were expected to be broadly at the previous year’s level, and in some cases higher, it said.
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