Lufthansa’s operating fell by nearly 20% to €820 million ($1.07 billion) in 2011. The German airline group announced a net loss of €13 million for the year last week. The poor results were blamed on taxes (German and Austrian aviation tax cost €361 million) and high fuel prices, which rose by 25% to €5.8 billion. Chairman and CEO Christoph Franz stated that many of its airlines, specifically, Germanwings, were affected by Germany’s ecological tax. However, Lufthansa’s cost-cutting drive is seeing results with €1 billion saved over three years, with plans to save a further €500m by the end of 2014.

This content is restricted to site members.

If you are an existing user, please login below.
New users may register below.

Existing Users Log In
   
Forgot password? Click here to reset
New User? Click here to register