September 14, 2012
Lufthansa has identified more than EUR€1 billion (USD$1.29 billion) in potential cutbacks in the passenger business, Kay Kratky, an executive said in the company magazine, in a sign that the German airline could be stepping up its cost-cutting.
Previously, Lufthansa German Airlines, which does not include Swiss or Austrian Airlines, had identified EUR€900 million of improvements.
A spokesman for the airline said it was sticking to the EUR€900 million target, adding that the EUR€1 billion is a "maximum target."
Lufthansa has a three-year cost-cutting initiative to improve margins and finance investment in aircraft in the face of a weakening economy, high fuel costs and increased competition from low-cost carriers.
