FRANKFURT, July 31 (Xinhua) -- German airline Lufthansa AG said Thursday that its second-quarter net profits fell from a year earlier due to strikes, adverse currency effects and overcapacity on its North American and European routes.
The airline's net profits dropped from 255 million euros (341 million U.S. dollars) to 173 million euros compared with the same quarter last year. Revenue declined by 2 percent to 7.7 billion euros, according to the quarterly results released by the company.
The results also showed operating profits dropped to 359 million euros, compared with 431 million euros the year before and analyst estimates of 423 million euros.
The company said it had been hit hard by strikes earlier this year and faced an increasingly difficult demand situation.
"Within a few weeks, the average yields contracted so sharply that in June, we had to respond to this adverse trend by lowering our forecast," the statement said, which also lowered profit outlooks for the year from 1.3 billion euros to 1 billion euros.
Shares of Lufthansa slumped by more than 8 percent to 13.14 after the results were published.