Lufthansa Reports Profit After Three Years of Losses
FRANKFURT, Germany (AP) _ The German airline Lufthansa said it made a $218 million pre-tax profit in 1994, breaking a three-year string of annual losses.
The airline, which lost $37 million at the current exchange rate in fiscal 1993, attributed the profit last year to higher revenues and lower expenses. Revenues rose 6 percent to $11.4 billion.
Layoffs of 2,700 last year and decreased fuel and interest costs enabled Lufthansa to trim operating expenses by 4.4 percent last year, the company said.