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Lufthansa suffers turbulence with €336m loss in first quarter | Business

Lufthansa has become the latest European airline to reveal it is suffering financial turbulence and said it would make a €336m (£290m) loss for the first quarter of 2019.The German group said a combination of excess seat capacity across the industry and rising fuel prices had impacted its earnings, turning the €52m profit it made for the same period last year into an unexpectedly high negative.Its latest guidance added another €150m to the loss that Lufthansa forecast last month when unveiling full-year results.Lufthansa’s quarterly jet fuel bills alone have risen by €202m in a year. Although overall revenues increased by 3% to almost €8bn in the first three months of 2019, its income per passenger dropped, with more planes in the air across Europe driving down fares on its short- and medium-haul flights. Read more The losses at the group, which includes Swiss, Austrian Airlines and Eurowings as well as the German national carrier, follows a profit warning from easyJet, which said earlier this month it expected profits for 2019 to be hit by falling demand and blamed economic uncertainty and fears over a no-deal Brexit for deterring passengers from booking.Ryanair also issued two profit warnings over the winter, highlighting overcapacity in the market as fares stayed lower than anticipated.In mitigation, Lufthansa said its ailing...

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See the news Lufthansa suffers turbulence with €336m loss in first quarter | Business from Source Digital Trends on 16/04/2019 has been updated to day with the theme on feedixo.