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Lufthansa announces profits warning, cuts to come

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Lufthansa announces profits warning, cuts to come

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German flagcarrier Lufthansa has issued a profits warning for 2012 citing economic uncertainty and high fuel prices.

It says it will embark on a tough cost-cutting programme, and restructure its loss-making Austrian Airlines outfit, which will involve what Chief Executive Christoph Franz called “some unpopular decisions”. However a buyer is being sought for loss-making British carrier BMI.