Deutsche Lufthansa is having to make significant cuts to its profit forecast. Instead of the expected 2.2 billion euros, the airline will only achieve adjusted earnings before interest and taxes (EBIT) of 1.4 to 1.8 billion euros this year, it announced on Friday.

In the second quarter, profits fell by more than a third to 686 million euros (previous year: 1.1 billion euros). The main reason for this was the situation in the passenger business of Lufthansa and its subsidiary Cityline, the airline explained.

"Achieving a balanced full-year result is becoming increasingly challenging for Lufthansa Airlines," the statement said. In the first half of the year, the division slipped into the red with a profit of 427 (previous year: profit of 149) million euros. "To counteract this, a comprehensive turnaround program is being launched."

The Lufthansa share fell 2.9 percent after the profit warning.

(Report by Alexander Hübner, edited by Philipp Krach. If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).