Lufthansa cuts profit targets

Lufthansa cut profit targets for the next two years citing competition from Middle East and low-cost rivals, sending shares plunging.

The warnings surprised investors after better-than- expected results in May and come just over a month after new chief executive Carsten Spohr took charge.

Spohr will now set out fresh restructuring plans next month, and the German airline will review its spending plans, including the possible cancellation or deferral of plane orders from Airbus or Boeing, finance chief Simone Menne told analysts and reporters.