Lufthansa downgrades profit expectations

Lufthansa has warned investors it would not be able to post an operating profit as planned this year without further cost cuts.

The German carrier cited a 50 per cent rise in fuel prices since the end of the first quarter, along with falling revenue due to lower volumes and prices, which continued across the sector in the second quarter, for the downgrade. Lufthansa had initially aimed for a "clear" operating profit this year.