Lufthansa reports 9% decline in third-quarter profit as core brand struggles [Yahoo! Finance Canada]
DEUTSCHE LUFTHANSA S/ADR (DLAKY)
NASDAQ:AMEX Investor Relations:
investor-relations.lufthansagroup.com/en.html
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Source: Yahoo! Finance Canada
The third-quarter operating profit of 1.3 billion euros ($1.41 billion) was largely in line with the expectations of analysts polled by the company, but 9% lower than a year earlier. "Delayed aircraft deliveries, punctuality issues at our hubs in Germany and regulatory disadvantages are impacting our core brand," CEO Carsten Spohr said in a statement. The third quarter, which includes the busy summer months for travellers, is usually the strongest for European airlines. But rising costs, unpredictability tied to the crisis in the Middle East and plane delivery delays continue to weigh on results. Lufthansa's passenger airlines, which include its namesake brand as well as carriers such as Austrian Airlines, Swiss International and Eurowings, generated an operating profit of 1.2 billion euros in the third quarter, down from 1.4 billion in the same period of 2023. The decline was driven mainly by a 234 million euro decline in the result of its core brand Lufthansa Airlines, the co
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