Lufthansa Group confronts falling profits, revises full-year forecast

(MENAFN) Lufthansa Group, the prominent German airline conglomerate, released preliminary results for the second quarter of the fiscal year while revising down its full-year forecast amidst challenging market conditions. The group reported a second-quarter operating profit, before interest and taxes, of 686 million euros, a notable decrease from 1.1 billion euros reported in the same period last year. This decline was primarily attributed to reduced business revenues across various regions, with Asia particularly affected.

Subsidiary Lufthansa Airlines, encompassing several airlines under the group's banner, also saw a significant decrease in profits during the second quarter of this year, reporting 213 million euros compared to 515 million euros in the previous year's second quarter. Furthermore, Lufthansa Airlines faced substantial losses amounting to 427 million euros for the first half of this year, a stark contrast to profits of 149 million euros during the same period in the prior year.

Anticipating ongoing challenges throughout the current financial year, Lufthansa Group announced plans to implement a comprehensive recovery program aimed at mitigating adverse effects and stabilizing operations. The airline group is scheduled to provide detailed final results for the second quarter on July 31, offering further insights into its financial performance and strategic adjustments amidst the evolving economic landscape and global travel uncertainties.

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