Lufthansa posted a second quarter group operating profit of €361 million ($ 444 million), nearly wiping out losses racked over the first quarter.

The Star Alliance carrier recorded a €20 million group operating loss for the six months to June 2012, an improvement of €134 million at the same stage last year. The group cut first half net losses by €38 million to €168 million.

Lufthansa’s passenger airline business segment saw operating losses deepen to €179 million for the first half, largely as higher fuel costs offset improved yields and load factors.