FINANCIAL NEWS

Lufthansa ME profits to drop 10% on unrest

17 May 2011

(MENAFN) Lufthansa airline Middle East Vice President, Joachim Steinbach, stated that he the airline expected its 2011 projected revenues to dip 10 percent because of the going unrest in the region, reported Arabian Business.

Steinbach also said that the unrest in the ME had its toll on the Germany-based airline’s earnings in the first quarter as they came in below expectations.

However, the President added that the airline took steps to reduce the negative effects and made sure that its business, which was still good in the ME, would not be affected any further.

It is worth noting that Lufthansa is Europe’s second largest airline, for which the MENA region represents a tenth of its global revenue, which reached around USD40.11 billion in 2010.

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