Lufthansa profit drops 84% in 2009
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The Lufthansa Group has released its results for the first half of 2009, with profits plummeting 83.6% to just EUR8 million (US$11.3 million), down from EUR677 million in the same period last year. The carrier’s revenue declined 15% to justEUR10.2 million, down from EUR12.1 in the same period last year. It was hit especially hard by a downturn in premium traffic. Results for First and Business Class passengers only saw Lufthansa post a EUR216 million, contrasting to a EUR381 million profit in the first half of 2008.Efforts to safeguard earnings have been enforced in all business segments. Lufthansa has launched the ‘CLIMB 2011’ programme in order to save EUR1 billion bythe end of 2011. A statement read that Germany’s national carrier is still planning to turn a profit this year. “The Group’s efforts remain directed at generating an operating profit for the full year 2009. However, there are considerable risks to the achievement of this goal from future developments in demand and fuel prices. It also depends on the additional measures being successfully implemented in the near future,” Lufthansa said.
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