Lufthansa hit hard by low cost rivals [CNN]
DEUTSCHE LUFTHANSA S/ADR (DLAKY)
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investor-relations.lufthansagroup.com/en.html
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Source: CNN
Lufthansa is being hit hard by low cost rivals Shares in the airline dropped more than 12% in Frankfurt to €15.47 ($17.35), their lowest level in over two years. Lufthansa ( DLAKF ) on Sunday issued a profit warning, downgrading its expected margins for 2019 to between 5.5% and 6.5% from an earlier estimate of 6.5% to 8%. The airline said that it was facing intense price competition on short flights within Europe from budget airlines that are more concerned with growth than profit margins. Lufthansa said in a statement that yields, especially in Germany and Austria, "are affected by sustained overcapacities caused by carriers willing to accept significant losses to expand their market share." The German carrier said that longer flights continue to perform well, citing strong performances on transatlantic and Asian routes. But its budget division, Eurowings, would need "further turnaround measures," it added. The profit warning also factors in a €550 million ($617 million) hike in
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