Lufthansa says will miss 2011 profit target

20th September 2011, Comments 0 comments

German flag carrier Lufthansa said on Tuesday its profit targets for the current year were no longer achievable, following weaker-than-expected results in August and given ongoing economic uncertainty.

"At its meeting on Tuesday, the executive board adjusted its earnings forecast for the current financial year to the latest developments," the airline said in a statement.

While it was still expecting operating profit to reach the high hundreds of millions of euros (dollars), "as viewed currently, the target of a further increase on the previous year's figure of 876 million euros ($1.2 billion) no longer appears to be achievable," the statement said.

The adjustment "reflects a weaker-than-expected monthly result" in its passenger business in August.

Furthermore, "further booking trend expectations were also adjusted... in view of ongoing economic uncertainties."

© 2011 AFP

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