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Lufthansa shares tumble after profit warning

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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.


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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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