BERLIN – Lufthansa says it narrowed its loss in the first quarter thanks to a cost-cutting program and lower fuel prices. Germany’s biggest airline is sticking to its full-year earnings targets even though it took a financial hit from a pair of strikes.
Deutsche Lufthansa AG said Tuesday that it lost 252 million euros ($350 million) in the January-March period, compared with 458 million euros a year earlier. Revenue declined to 6.46 billion euros from 6.63 billion euros.
The company confirmed its forecast of a 2014 operating profit between 1.3 and 1.5 billion euros despite strikes by airport ground staff in March that hit Lufthansa’s Frankfurt hub and a three-day walkout last month by the airline’s pilots.
Lufthansa said the strikes reduced earnings by 70 million euros.