Based on initial projections, the Lufthansa Group now expects an operating result of around EUR 1.3 billion for the business year 2008. Previously, a result of around EUR 1.1 billion was forecasted. The increase is substantially attributable to a more stable result development in the fourth quarter than was previously expected. Lower revenues associated with a noticeable slowdown in demand were offset by cost reductions as a result of the decreasing fuel price and favorable valuation effects.
The market environment has evolved poorly, however, with overall demand persisting at lower levels. As a result, the further business development is now afflicted by significantly higher than usual risks. Lufthansa will continue to closely observe the situation as it develops and react with the necessary measures.
The 2008 Full Year results as well as the Annual Report will be published on March 11, 2009.
