FRANKFURT - A profit warning from Lufthansa sent the German airline’s shares plunging by 11% and dragged down rivals across the sector as they battle for business in a highly competitive European market.
“Yields in the European short-haul market, in particular in the group’s home markets, Germany and Austria, are affected by sustained overcapacities caused by carriers willing to accept significant losses to expand their market share,” it said. Shares in rivals were hit by the profit warning. Ryanair was down 3.7%, those in British Airways owner IAG, Wizz Air, Easyjet fell between 1.9% and 2.7%.
Lufthansa’s adjusted margin for earnings before interest and tax was forecast between 5.5% and 6.5%, down from 6.5% to 8% previously, it said in a statement.
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