Lufthansa reports 206 million euro half-year loss

27th July 2011, Comments 0 comments

Germany's flagship airline Lufthansa reported on Wednesday a net loss of 206 million euros ($299 million) for the first half of 2011, but maintained its outlook for the year.

The company said in a statement it did manage to turn a small operating profit of 3.0 million euros over the period.

The group, which also includes Swiss, Austrian Airlines and BMI, announced a net loss of 206 million euro for the first six months of the year, almost double the 104 million euro loss for the corresponding period in 2010.

The company said its results were impacted by Japan's nuclear disaster, political crises in the Arab world, and an accounting rule that takes into account the cost of coverage options (hedging) against oil price changes.

The group's 3.0 million euro operating profit in the first half was in contrast to an operating loss of 174 million euro a year earlier.

Sales were 14.1 billion euros over the same period, up 11.4%.

© 2011 AFP

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