German airline group Lufthansa confirmed its objectives for the full year Wednesday, even as its third-quarter profit fell.
Between July and September — the key summer holiday period for European carriers — Lufthansa’s net profit fell by 17 percent year-on-year to €1.18 billion (SR5.2 billion).
But the decline was largely due to an accounting effect, the airline said in a statement.
In the third quarter of 2016, Lufthansa’s bottom line had been boosted by the elimination of provisions following a pay and pensions deal with staff.
The third-quarter figure for this year nevertheless beat analysts’ expectations.
And underlying or operating profit increased by 32 percent to €1.52 billion, on the back of an 11-percent increase in revenues to €9.81 billion.
The result “gives us the investment and growth capabilities we need to play an active part in the consolidation of the European airline market,” chief executive Carsten Spohr said.
In its rapid expansion, Lufthansa has snapped up more than half the aircraft belonging to bankrupt former competitor Air Berlin and recently made an offer to take over some European routes belonging to Italy’s Alitalia.
For the full year, Lufthansa confirmed its forecast for an increase in operating profit from the €1.75 billion reported in 2016.
Source:Arabnews
GMT 20:15 2017 Friday ,27 October
Air Berlin set for final farewell as carve-up talks continueGMT 13:22 2017 Thursday ,12 October
Lufthansa CEO says to sign Air Berlin deal todayGMT 14:56 2017 Monday ,21 August
Bankrupt Air Berlin targets September saleGMT 17:19 2017 Monday ,13 March
Berlin airport workers to strike again on Monday over payGMT 17:38 2016 Thursday ,24 November
Largest tour operator TUI and Etihad plan new ventureMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©