Deutsche Lufthansa slashed its 2024 earnings guidance for a second time this year and issued a profit warning on Friday for its second quarter as one of Europe’s top airlines struggles with low yields and operations problems.

The warning will reinforce worries about a weaker than expected quarter for the industry as airlines struggle with high labour and operating costs and pressure on ticket prices which are hurting yields, or average revenues per passenger.

Shares in Lufthansa fell as much as 3.8 per cent on the news, which also knocked down the stock of British Airways-owner IAG , Easyjet and Air France-KLM.

Lufthansa now expects adjusted 2024 earnings before interest and taxes (EBIT) between 1.4 billion euros ($1.5 billion) and 1.8 billion, down from a previous target of about 2.2 billion, it said in a statement.

It added that the group’s second-quarter adjusted EBIT fell by more than a third to 686 million euros. It reports second-quarter results on July 31.

“A comprehensive turnaround program is being launched,” affecting its core Lufthansa brand and regional carrier Cityline, the company said, adding that its core brand was particularly hit by negative market trends.

“A market-related decline in yields in all traffic regions - especially in Asia - had a negative impact,” it said.

It also cited “inefficiencies in the flight operations” of Lufthansa and Cityline and delayed aircraft deliveries.