Germany’s Lufthansa cut its profit outlook as its passenger and cargo business stuttered following strikes and tough competition from rivals in the Middle East and low cost carriers. The group said it now expects 2014 operating profit of €1 billion, against a previous forecast of €1.3-€1.5 billion. It also reduced its 2015 earnings target to €2 billion from a previous €2.65 billion.

Its shares fell 9 per cent following the statement yesterday.

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