Lufthansa cuts profit target for this year

Frankfurt - German airline Lufthansa cut its earnings targets for this year and next year on Wednesday in the face of disappointing developments in passenger and freight business and financial fallout from strikes.

"The executive board is reducing its operating profit forecast for 2014. It now expects an operating result of approximately €1.0bn", it said in a statement.

The reason was "a weaker than expected revenue development in the passenger and freight businesses as well as negative earnings impacts from strikes and the devaluation of the Venezuelan Bolivar," the airline explained.

"Against this background, the executive board no longer expects to achieve the 2015 operating target," Lufthansa continued.

The airline was now aiming for an operating profit of about €2.0bn the statement said.

Previously, Lufthansa had been targeting operating profit of €1.3bn to €1.5bn this year and €2.6bn euros in 2015.