Stock dives: A Lufthansa Airbus A350 plane at the Franz-Josef-Strauss airport in Munich, southern Germany. Lufthansa shares plunged after the group posted a profit warning. Lufthansa had revised lower its 2019 outlook due to intense competition from low-cost carriers in Europe. — AFP
FRANKFURT: Germany’s Lufthansa sent shockwaves through the European airline sector yesterday as it cut its full-year profit forecast, with lower prices and higher fuel costs compounding the effect of losses at its budget subsidiary Eurowings.
The warning follows gloomy comments last month from Irish budget airline Ryanair, which vies with Lufthansa for top spot in Europe in terms of passengers carried. Air France-KLM also reported a widening quarterly loss last month.
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