Germany ' s flag carrier Lufthansa AG has reported a fall in profits for the first half of the current year due to restructuring charges related to cost cutting schemes and strike costs.In its latest report released earlier this week, Europe's largest airline by passenger numbers, said it has recorded a net loss of 204 million euros (USD 270.01 million) from January to June this year. According to the report, in the same period in 2012, the company’s profit was 50 million euros. In April, Lufthansa cancelled nearly 2,000 flights after a German labor union, Verdi, called for a strike over failed salary negotiations between the two sides. On March 21, Verdi staged a half-day warning strike, in which nearly 700 out of a total of 1,800 flights were canceled. Lufthansa needs to cut costs to cope with high fuel prices as well as vigorous competition from European discount carriers and other international airlines. In May 2012, Germany's biggest airline announced plans to slash 3,500 administrative jobs worldwide in the next few years as part of its cost-cutting program.