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CORRECTED-Lufthansa: savings won't have desired effect in 2012
September 28, 2012 / 10:16 AM / 5 years ago

CORRECTED-Lufthansa: savings won't have desired effect in 2012

(Corrects fourth paragraph to show the goal for Lufthansa’s savings programme is for 2014, not 2015)

FRANKFURT, Sept 28 (Reuters) - Deutsche Lufthansa’s savings programme will not have the positive effect on earnings this year that Germany’s leading airline had hoped for, Chief Executive Christoph Franz said in a newsletter to employees on Friday.

Franz said Lufthansa would be able to achieve its 2012 savings goals under the so-called SCORE programme but the impact would be blunted by negative factors such as high jet fuel prices and the euro zone debt crisis.

“Due to the headwinds we face, the progress we have made is not visibly reflected, as we had hoped, in our financial result,” Franz said.

SCORE was introduced in March 2012 with the aim of boosting operating profit by 1.5 billion euros ($1.9 billion) by 2014.

$1 = 0.7775 euros Reporting By Marilyn Gerlach

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