Rising fuel costs, seating surplus push Lufthansa into loss
Germany’s biggest airline said in an after-hours update on Monday that a 202 million euro rise in fuel costs had contributed to the loss, while ticket prices fell significantly at Lufthansa’s other airlines, which include SWISS and Austrian Airlines, as well as budget carrier Eurowings.Lufthansa’s stock was down one per cent at 0925 GMT, underperforming Germany’s blue-chip index by around two per cent and dragging down shares of rivals Ryanair, EasyJet and Air France KLM.
The fall in Lufthansa’s earnings was accentuated by a tough comparison with the previous year when the insolvency of Air Berlin removed a major competitor in its home market, it said.European airlines are battling overcapacity and high fuel costs, while uncertainty around Brexit has led some travellers to delay booking flights for their summer holidays.
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