BERLIN (AP) — Shares in Lufthansa AG are down almost 13 percent after the German carrier issued a profit warning.
The airline said in a statement Wednesday that it is lowering its operating profit forecast to 1 billion euros ($1.35 billion) this year and 2 billion in 2015.
Lufthansa had previously predicted an operating profit of between 1.3 billion and 1.5 billion euros for 2014, and 2.65 billion euros next year.
The company says it lowered its forecast because of weaker passenger and freight demand, the impact of strikes and the fall in the value of Venezuela’s currency.
Lufthansa shares stood at 17.41 euros during mid-morning trading on the Frankfurt exchange.