Lufthansa cuts full-year profit target as economic situation impacts bookings

Lufthansa's Executive Board adjusted (20-Sep-2011) its earnings forecast for the current financial year with the carrier now expecting an operating profit at the upper end of its three-digit million Euro range. However, as viewed currently, the target of a further increase on the previous year's figure (EUR876 million) "no longer appears to be achievable". "The adjustment undertaken reflects a weaker than expected monthly result for Aug-2011 reported by the Passenger Airline Group. In view of ongoing economic uncertainties, further booking trend expectations were also adjusted," the carrier said. Against the background of the increased sales risks, a package of measures was decided at the same time that provides for a further reduction in scheduled capacities in the 2011/12 winter timetable. [more - original PR]