FRANKFURT: German airline group Lufthansa confirmed its objectives for the full year Wednesday, even as its third-quarter profit fell.
Between July and September — the key summer holiday period for European carriers — Lufthansa’s net profit fell by 17 percent year-on-year to €1.18 billion (SR5.2 billion).
But the decline was largely due to an accounting effect, the airline said in a statement.
In the third quarter of 2016, Lufthansa’s bottom line had been boosted by the elimination of provisions following a pay and pensions deal with staff.
The third-quarter figure for this year nevertheless beat analysts’ expectations.
And underlying or operating profit increased by 32 percent to €1.52 billion, on the back of an 11-percent increase in revenues to €9.81 billion.
The result “gives us the investment and growth capabilities we need to play an active part in the consolidation of the European airline market,” chief executive Carsten Spohr said.
In its rapid expansion, Lufthansa has snapped up more than half the aircraft belonging to bankrupt former competitor Air Berlin and recently made an offer to take over some European routes belonging to Italy’s Alitalia.
For the full year, Lufthansa confirmed its forecast for an increase in operating profit from the €1.75 billion reported in 2016.
Germany’s Lufthansa says third-quarter profit down
Germany’s Lufthansa says third-quarter profit down
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
