Air Transport World

Lufthansa seeks more savings as losses continue.(airline reports third quarter net loss)

Lufthansa Group unveiled major changes to its European network strategy as it reported a third-quarter net loss of 17 million [euro] ($19.6 million), bringing the 2003 nine-month deficit to 409 million [euro]. Corresponding year-ago results for the quarter and nine months were earnings of 371 million [euro] and 341 million [euro] respectively. The aviation group reiterated a previous net-loss forecast for the year while spelling out steps to lower costs and raise productivity.

"We are adjusting to a situation in which yield will be permanently lower," CEO Wolfgang Mayrhuber asserted. The company has targeted savings of 1.2 billion [euro] within two years. Additional job cuts are nor ruled out, he said. …

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