German aviation group Deutsche Lufthansa AG (DLAKY, DLAKF), in its Annual General Meeting, stated that its first-quarter earnings for the Group are stable, despite restructuring costs.
Deutsche Lufthansa's Chief Executive, Christoph Franz, said: "Our company is facing serious challenges. Global aviation has changed. Our industry is under pressure - especially in Europe." However, the Group wants to achieve sustainable profitability levels by 2015 at the latest. Moreover, it aims to use the SCORE program to boost its operating profit to 2.3 billion euros.
According to Franz, the Members of the Executive Board themselves would contribute to the sustainability of the Lufthansa Group as well. For the duration of the SCORE program they have agreed to a salary reduction of five percent of their base pay.
For comments and feedback: editorial@rttnews.com