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Lufthansa shares tumble after profit warning

Germany's Lufthansa cut its profit outlook as its passenger and cargo business stuttered following strikes and tough competition from rivals in the Middle East and low cost carriers.

Adam Berry | Getty Images

The group said it now expects 2014 operating profit of 1 billion euros ($1.4 billion), against a previous forecast of 1.3-1.5 billion.

It also reduced its 2015 earnings target to 2 billion euros form a previous 2.65 billion.

Its shares fell 9 percent following the statement on Wednesday.

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