Austrian Airlines halved its operating profit in the first three quarters to 77 million euros. This is also due to the painful competition from abroad; Chinese and Arab airlines are currently flooding the market. Numerous failures in the Middle East put additional pressure on the AUA.
The AUA already experienced a decline in profit in the first half of the year. Although the third quarter went well and sales increased by approximately 6 percent, flight irregularities were greater. “The temporary loss of connections with the Middle East, which are very important to us, is particularly painful,” says AUA boss Annette Mann. This affects the routes to Tel Aviv, Amman, Erbil and Tehran. The destinations in the Middle East have historically become very important for the Lufthansa subsidiary; the domestic airline is the group most affected by the unrest.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
