Lufthansa lifts profit but not investors' spirits

[dArKeR]

Frankfurt - German flag carrier Lufthansa said on Wednesday it flew back into the black in the first three months of the current year and promised to turn in a profit for the whole year as demand for air travel rises on the global economic upturn.

Lufthansa said in its first-quarter interim report that it booked net profit of €62 million (R505.9 million) in the period from January to March, compared with a loss of €356 million a year earlier.

Bottom-line earnings were boosted by €292 million in proceeds from the sale of some of Lufthansa's shares in Amadeus, the global ticket reservation system, as well as a tax credit, the airline said.

Furthermore, Lufthansa's business a year earlier had been hit hard by the economic fallout from the Iraq war and the SARS health crisis.

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