Frankfurt - German airline Lufthansa AG joined on Tuesday the growing list of European companies issuing profit warnings after high fuel costs hit the group's earnings.

Lufthansa said its operating profit came in at 984 million euros in the first nine months of the year, down 9.3 per cent compared to the same period in 2007.

As a result, the airline has cut its full-year 2008 earnings forecast to an operating profit of 1.1 billion euros compared to a previous target of nearly 1.4 billion euros.

Oil prices have dropped back to about 60 dollars a barrel in recent weeks as the prospects of a recession have resulted in analysts scaling back energy demand forecasts. However, in July, oil prices surged to nearly 150 dollars a barrel.

Lufthansa said group revenue during the first nine months of the year rose by 13.6 per cent to 18.6 billion euros. dpa