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Lufthansa reports a 74.6% decline in Q3 profit, lowers full-year profit forecast news
29 October 2008

Lufthansa Group has reported a 74.6% decline in third quarter net profit, at 149 million ($186.5 million), as compared to the 586 million achieved in the year-ago period. The group, which is Europe's leading aviation services supplier, also said it had lowered full-year operating profit target to "around" 1.1 billion.

The German company released a preliminary nine-month report yesterday and said it would follow up with complete third quarter/nine-month results today.

Nine-month net earnings were 551 million, compared to 1.58 billion in the year-ago period, mainly on the back of special gains accruing from the sale of its stake in Thomas Cook and a tax benefit.

Revenue was up 13.6%, to 18.6 billion, but nine-month operating profit dropped 9.3% to 984 million. This, the group said, was  "due to record levels in fuel costs which could not be fully compensated in the increasingly difficult environment."

Q3 operating profit was 279 million, down 53.8% from the 604 million posted in the year ago quarter ended 30 September 2007.


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Lufthansa reports a 74.6% decline in Q3 profit, lowers full-year profit forecast