Oil and Aviation Giants Stumble in Q3: BP & Lufthansa Feel The Pinch
BP Profit Decline: Oil giant BP reported a sharp decrease in net profit for the third quarter of 2024. Net profit dropped to $206 million, down from $4.86 billion in Q3 of the previous year. This decline is attributed to a challenging oil trading environment and weaker refining margins. Despite this, BP continues to focus on efficiency, aiming for $2 billion in cost savings by 2026 and announced an 8-cent dividend per share along with a $1.75 billion share buyback.
Lufthansa Profit Dip: German airline Lufthansa also saw a 9% decrease in its third-quarter operating profit, reporting €1.34 billion in adjusted EBIT. This decline resulted from rising operational costs, including fees, maintenance, and personnel expenses, despite a 5% increase in revenue to €10.74 billion. Lufthansa remains optimistic for the rest of 2024, aiming to expand capacity and retain strong premium bookings as it projects an annual adjusted EBIT of up to €1.8 billion.
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