The supervisory board of Deutsche Lufthansa AG (PINK:DLAKY) (ETR:LHA) (FRA:LHA) announced the approval of its plan to buy 108 aircraft from The Boeing Company (NYSE:BA) and Airbus for $11.7 billion (€9 billion) to modernize its fleet with more fuel-efficient planes, according to report from Reuters.

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The airline company ordered six Boeing 777-300’s and two mammoth A380 jets from Airbus, a subsidiary of the European Aeronautics Defense & Space Co. EADS NV (EPA:EAD).  Currently, Lufthansa has 10 operating A380s and 14 in order. Deutsche Lufthansa AG (PINK:DLAKY) (ETR:LHA) (FRA:LHA) also ordered 30 A320ceo aircraft.

The supervisory board of the company also approved the completion of its negotiation with Airbus to purchase 70 A320/321neo planes. The company said the Lufthansa’s SWISS airlines will operate the new 77-300’s aircraft while its main Lufthansa brand will fly the A380s and A329ceo airplanes.

Deutsche Lufthansa AG (PINK:DLAKY) (ETR:LHA) (FRA:LHA) is the largest client of Airbus. The company already ordered 532 aircraft from the European aircraft manufacturer.

Last month, the airlines company announced its plans to order a large number of new aircraft to be delivered by between 2015 to 2025. The company also revealed several cost cutting measures including the shutdown of some of its sites, merger of administrative functions, and suspension of dividend payments.

Meanwhile, Deutsche Lufthansa AG (PINK:DLAKY) (ETR:LHA) (FRA:LHA) also reported today its earnings result for the year 2012. According to the company, its revenue increased by 4.9 percent to €30.1 billion while its operating profit declined by 36.1 percent to €524 million due to higher fuel prices.

Christoph Franz, chairman of the executive board of the company expects its profit to improve this year through the implementation of its SCORE program. According to him, “With our SCORE program, we have launched a comprehensive, if not one of the largest, process of change ever seen in the history of Lufthansa. In addition to measures concerning costs and income; we have set up a number of major strategic projects, such as the new German wings, the turnaround of Austrian Airlines and the pooling of administrative activities in the areas of HR, purchasing and finance.”

Franz added, “With SCORE, we are creating the financial basis for our extensive investment plans. Our aim: we will make Lufthansa strong. We want to expand our position as Europe’s leading aviation group and considerably boost our profitability in every business segment.”