German flag-carrier Lufthansa has barely broken even over the first half of the year, scraping an operating profit of just €8 million ($11 million) against a previous figure of €677 million.

Revenue for the six-month period was down by 15% to €10.2 billion, and the airline turned in a net loss of €216 million against a profit of €381 million last year.

"The persistent economic crisis and its effects on demand, particularly in the premium segment, placed a considerable burden on the result," says the carrier.

Lufthansa, which has embarked on a cost-cutting programme to save €1 billion by the end of 2011, is to detail its first-half results tomorrow.

Source: Air Transport Intelligence news