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Business

Lufhansa Q2 Profit Soars

German national airline Lufthansa has reported a second quarter profit with net earnings of 116 million euros ($144 million) compared to a loss of 23 million euros in the second quarter of 2004. The performance exceeded predictions from analysts consulted by AFX, AFP's financial news unit, which forecast net earnings of 77 million euros. The stock market responded well to the news with share prices leaping more than three percent. Lufthansa head, Wolfgang Mayrhuber said the company had performed well in a difficult climate, adding that the airline was now "more flexible and more productive" with an strengthened financial foundation. But he added that the company continued to face great challenges, including high oil prices and over capacity, and would have to stick to a strict cost-cutting plan.

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