Lufthansa Cuts Projected Gains in 2014

German airline, Lufthansa, has cut its forecast for profit in the 2014 financial year due to low income, both in the passenger and cargo sectors, compared with previous estimates.Lufthansa now expects to earn an operating profit of 1 billion euros, equivalent to U.S. $ 1.36 billion, compared with a previous projection of 1.3-1.5 billion euros. "The risk of revenue mentioned when we presented the quarterly figures in early May which unfortunately did not materialize," said Chief Officer for Finances & Aviation Services Lufthansa Simone Menne.Company's main revenue slump occurred in the aviation market of Europe and America, which Lufthansa has said there is excess capacity, thus leading to a reduction in the selling price of a ticket on the routes. According to Lufthansa, which is of major concern is the impact of the massive expansion in capacity carried by the Gulf airline.