Lufthansa cuts profit outlook

|By:, SA News Editor

Lufthansa (DLAKY) revised its expected operating profit for 2014, to €1B ($1.4B) from €1.3-1.5B. The company also lowered its 2015 earnings target to €2B from €2.65.

The cuts were made due to an increase in competition from rivals in the Middle East, low cost carriers, and strikes on its passenger and cargo business.

Shares fell 9% following the statement.