Lufthansa profits down 21% in third quarter

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German airline Lufthansa said Thursday its bottom-line net profit declined by 21.3 percent to 494 million euros ($692 million) in the third quarter.

Underlying earnings, as measured by operating profit, declined by 26.6 percent to 575 million euros, while revenues in the period from July to September rose by 6.7 percent to 8.075 billion euros, Lufthansa said in a statement.

The airline reiterated its forecast for the full year -- which it had recently downgraded -- and said it is "initially preparing for slower growth rates in passenger and freight traffic."

In September, Lufthansa warned that its profit targets for the current year were no longer achievable, following weaker-than-expected results in August and given ongoing economic uncertainty.

And it also downgraded its anticipated bookings "in view of ongoing economic uncertainties."

© 2011 AFP

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