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German airline Lufthansa cites restructuring costs, one-time effects as earnings slip

FRANKFURT – German airline Lufthansa says net profit for the first nine months of the year fell 65 per cent, to 247 million euros ($340 million) from 697 million euros in the same period a year ago.

The company said restructuring costs and one-time effects played a role in the profit decline. It said Thursday it was making progress in controlling costs and that its passenger business — which includes Lufthansa, local carrier Germanwings, Swiss, and Austrian Airlines — improved their contributions to earnings.

It said a key measure of costs, the so-called costs per available seat kilometre, fell by 1.2 per cent for the period.

Total revenue was 0.2 per cent below the year earlier period, at 22.76 billion euros.