Germany's Lufthansa 2008 net profit falls 65pc

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Lufthansa
Frankfurt, Mar 11: Deutsche Lufthansa, Germany's largest airline announced its net profit fell 65 per cent for the year 2008. Citing the reason as global economic and slowdown and rise in fuel prices for fall of profit, the airline said that it expected a further drop this year.

The company also lacked the large one-time gains it booked in 2007. The Cologne-based airline said net profit for the year fell to $755 million.

The 2008 outcome 'represents an outstanding result and its quality is underlined by the fact that it has been achieved during a time of global economic crisis,' a statement quoted Lufthansa chairman and chief executive Wolfgang Mayrhuber as saying.

"One of the most challenging years in its history lies ahead of the aviation industry" Lufthansa said.

Analysts had forecast a higher net profit of 738 million euros.

Mayrhuber said that 2009 would present a far more challenging environment but added that the airline's financial situation and operational flexibility would allow it to benefit from opportunities as well.

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