Economy

Lufthansa profits slide amid restructuring

FRANKFURT, Germany (AP) — German airline Lufthansa says net profit for the first nine months of the year fell 65 percent, to 247 million euros ($340 million) from 697 million euros in the same period a year ago.

The company said restructuring costs and one-time effects played a role in the profit decline. It said Thursday it was making progress in controlling costs and that its passenger business — which includes Lufthansa, local carrier Germanwings, Swiss, and Austrian Airlines — improved their contributions to earnings.

It said a key measure of costs, the so-called costs per available seat kilometer, fell by 1.2 percent for the period. Total revenue was 0.2 percent below the year earlier period, at 22.76 billion euros.

Related Headlines

  • Joe Kaesar, Ralf P. Thomas

    Siemens shares rise on buyback announcement

    German industrial conglomerate Siemens said Thursday its profit dropped in the fourth quarter, but its shares rose after it announced it would buy back 4 billion euros ($5. 

  • Correction: Volkswagen earnings story

    In a March 13 story about Volkswagen's earnings, The Associated Press reported erroneously that the 9.1 billion-euro net profit figure was attributable to Porsche. The figure ...