Lufthansa, Germany's leading airline company has reported a net loss of 32 million euros ($47 million) from January to September of this year, compared to a profit of 529 million euros during the same period in 2008.

On Wednesday, Lufthansa said it was operating "against the background of a persistently difficult environment characterized by continuing demand and price weakness."

In addition, the company said sales had dropped by 13.2 percent to 16.2 billion euros in the nine-month span, and its operating profit had plunged by 76.3 percent to 226 million euros.

Although, the result was less dire than many analysts had predicted, it still caused the airline's shares to plummet.

In a short, preliminary statement, Lufthansa said, "the positive outlook for the year remains subject to very considerable risks." One of those risks is the upturn in oil prices.

The result comes as Lufthansa works to integrate two recent acquisitions into its business - Austrian Airlines and British Midland.

Lufthansa did not release its quarterly earnings, but is expected to give a more detailed report on Thursday.

During a telephone news conference, the company's finance director, Stephan Gemkow told journalists that he was "doubtful about a rapid and sustained rebound" of both the global economy and the air transport sector.

vj/dpa/AP/AFP/Reuters
Editor: Chuck Penfold