Lufthansa to Cut Costs, Stop Projects as Strikes Hurt Profit [BNN Bloomberg (Canada)]
DEUTSCHE LUFTHANSA S/ADR (DLAKY)
NASDAQ:AMEX Investor Relations:
investor-relations.lufthansagroup.com/en.html
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Source: BNN Bloomberg
The measures will strengthen earnings in the short term following a €640 million loss ($685 million) at the main Lufthansa brand in the first quarter, the airline group said in a statement on Tuesday. The total adjusted operating loss in the traditionally weak first quarter jumped to €849 million from a €273 million deficit a year earlier, while sales rose 5% to €7.39 billion. Lufthansa already warned in mid-April that it won't achieve its targets for this year because of the prolonged strikes, which it has since settled with new wage accords. The company expects adjusted operating profit of €2.2 billion this year, hurt by €350 million in costs tied to the work stoppage and the subsequent reluctance by customers to book. “We are now leaving the first quarter behind us, which was mainly impacted by strikes, and are at a turning point,” Chief Executive Officer Carsten Spohr said in a statement, adding that the company sees strong demand and that planes “remain well filled throughou
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