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updated: 10/31/2013 7:02 AM

Lufthansa profits slide amid restructuring

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  • Lufthansa reports quarterly earnings on Thursday, Oct. 31, 2013.

    Lufthansa reports quarterly earnings on Thursday, Oct. 31, 2013.
    Associated Press

By Associated Press

FRANKFURT, Germany -- 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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