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Austrian Airlines swings from profit to loss in 3Q

Austrian Airlines swings from profit to loss in 3Q

Austrian Airlines said Tuesday it swung to a third-quarter net loss from a profit in the same period a year ago as the global financial crisis hurt ticket sales.
Austrian Airlines, which is currently seeking a buyer, posted a net loss of 16.4 million euros ($20.5 million) for the three months ended Sept. 30. In the third quarter of 2007 it had reported a 20.6 million euro ($25.8 million) profit.
For the first nine months this year, Austrian said it lost 65.1 million euros ($81.5 million). The airline blames the global economic crisis for a drop in sales.
Austria's government is trying to sell its roughly 42 percent stake in the national carrier. Germany's Lufthansa AG and Russia's S7 airline reportedly have expressed interest.


Updated : 2021-05-17 21:55 GMT+08:00