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Lufthansa profits slide amid restructuring

Thursday - 10/31/2013, 7:16am  ET

FILE - In this Monday, Aug. 26, 2013, file photo, Lufthansa airplanes are parked at the international airport in Munich, southern Germany. Lufthansa reports quarterly earnings on Thursday, Oct. 31, 2013. (AP Photo/Matthias Schrader, File)

FRANKFURT, Germany (AP) -- German airline Lufthansa says net profit for the first nine months of the year fell 65 percent, 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 kilometer, fell by 1.2 percent for the period.

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


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