MOSCOW (Sputnik) — The German Lufthansa airline group, including Lufthansa, Austrian Airlines and SWISS, lost around 232 million euros ($250 million) due to strikes held in 2014, equaling nearly one quarter of the company's operating profit that reached $1.01 billion, the Group said Thursday.
In 2014, Lufthansa pilots and staff held ten strikes and threatened to organize more because of low wages and poor working conditions. The reductions to the company's budget were a result of the company's cost optimization program aimed at minimizing expenses and revising payment arrangements.
"Strike actions by pilots and security personnel reduced the 2014 operating result by a total of 232 million euros (62 million euros thereof in December alone)," Lufthansa's release stated.
Earlier, the airline group said that it was not going to turn down its finance minimizing program, even if a new wave of protests was likely.
Lufthansa, the largest airline in Europe, has faced strong competition in different regions, as it has been overtaken by low cost carriers for domestic flights, and by huge companies like Emirates and Turkish Airlines, for long-haul destinations.