German carrier Lufthansa sees profits rise in 2016
BERLIN: German carrier Lufthansa is reporting a 4.6 percent rise in annual profit for 2016, despite a series of costly labor disputes.
The airline said Thursday its net profit rose to 1.78 billion euros ($1.89 billion) last year, compared with 1.7 billion euros in 2015.
Lufthansa chief executive Carsten Spohr said Thursday that the company had managed to keep costs down in what he described as ``a very demanding market environment.''
The airline benefited from an agreement with cabin crew to reduce pension entitlements. It struck a similar deal with pilots that will boost profits in 2017.
The agreements put an end to strikes that had repeatedly paralyzed the airline's fleet last year.
Looking ahead, Lufthansa predicts a rise in fuel costs and sinking ticket prices.
The airline said Thursday its net profit rose to 1.78 billion euros ($1.89 billion) last year, compared with 1.7 billion euros in 2015.
Lufthansa chief executive Carsten Spohr said Thursday that the company had managed to keep costs down in what he described as ``a very demanding market environment.''
The airline benefited from an agreement with cabin crew to reduce pension entitlements. It struck a similar deal with pilots that will boost profits in 2017.
The agreements put an end to strikes that had repeatedly paralyzed the airline's fleet last year.
Looking ahead, Lufthansa predicts a rise in fuel costs and sinking ticket prices.
