Lufthansa posts losses for first nine months of 2009

Lufthansa posts losses for first nine months of 2009Frankfurt - Germany's Lufthansa said Thursday it had weathered the economic crisis better than many other airlines despite posting a net loss of 32 million euros (47 million dollars) for the first nine months of this year.

"Today we benefit from the fact that we were on a solid foundation with attractive products and that we were quick to recognize the turbulence ahead and tighten our safety belts," chief executive Wolfgang Mayrhuber said.

"However, we cannot be satisfied with the result that we have achieved to date and will therefore have to increase our efforts further and do even more to safeguard earnings," he said in presenting the company's quarterly figures.

Operating profit between January and the end of September fell to 226 million euros, significantly below the year-earlier figure of 954 million euros.

For the first time, this figure also includes the results of new acquisitions Austrian Airlines and bmi, who contributed a total of 28 million euros.

These additions helped boost passenger figures by 3 per cent to 55 million. Without these effects passenger numbers would have slumped by 3 per cent.

"The figures speak for themselves," said Mayrhuber. "Whereas recent months have seen the stabilization of demand in the passenger business, revenues remain at rock-bottom despite record load factor."

"All of the business segments are working hard to overcome the consequences of the crisis and to adjust their structures to the altered competitive environment," he added

Lufthansa shares traded 1.84 per cent higher at 10.56 euros after slumping more than 3 per cent on Wednesday afternoon when preliminary figures were disclosed.

The International Air Transport Association (IATA) estimates that combined airline losses around the world this year will total 11 billion dollars. (dpa)