November 7, 2019 / 6:31 AM / 8 days ago

Lufthansa says Eurowings to be back in the black by 2021

BERLIN, Nov 7 (Reuters) - German airline Lufthansa said its Eurowings budget carrier should be back to profitability by 2021 as it reported better-than-expected third-quarter results as it cut costs.

Lufthansa said quarterly adjusted earnings before interest and taxation (EBIT) fell 8% to 1.3 billion euros ($1.44 billion), ahead of average analyst forecasts for 1.2 billion, while revenues rose 2% to 10.2 billion, also ahead of consensus.

Lufthansa has reacted to tough competition in Europe by cutting costs further and boosting flexibility and announcing a turnaround plan in June for Eurowings, which it said on Thursday would reduce its capacity in the winter timetable. ($1 = 0.9041 euros) (Reporting by Emma Thomasson, editing by Riham Alkousaa)

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