Lufthansa faces intensifying competition, falling fares

As competition intensifies from US and Chinese airlines, Lufthansa is facing falling fares in its core transatlantic markets, the airline's CFO Joerg Beissel said at a press conference in Frankfurt, Reuters reported. Beissel said its Asian network has grown less profitable as Chinese airlines have bolstered their presence in the long-haul domain. Additionally, the airline said it is only able to fill economy class with large discounts as North America purchases a more firm footing in direct flights between the region and Europe. Beissel said that with increased costs and decreased revenues, it makes it clear that a ""structural response"" is needed from the company. Lufthansa Group's net profit in the second quarter 2024 was €469 million, down from €881 million a year prior. Lufthansa Airlines recorded a second quarter adjusted operating profit of €213 million, down from last year’s €515 million. For the first half of 2024, it recorded an adjusted operating loss of €427 million.