German carrier Lufthansa sees profits rise in 2016

By The Associated Press | Posted - Mar. 16, 2017 at 2:25 a.m.

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BERLIN (AP) — German carrier Lufthansa is reporting a 4.6 percent rise in annual profit for 2016, despite a series of costly labor disputes.

The airline said Thursday its net profit rose to 1.78 billion euros ($1.89 billion) last year, compared with 1.7 billion euros in 2015.

Lufthansa chief executive Carsten Spohr said Thursday that the company had managed to keep costs down in what he described as "a very demanding market environment."

The airline benefited from an agreement with cabin crew to reduce pension entitlements. It struck a similar deal with pilots that will boost profits in 2017.

The agreements put an end to strikes that had repeatedly paralyzed the airline's fleet last year.

Looking ahead, Lufthansa predicts a rise in fuel costs and sinking ticket prices.

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