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German carrier Deutsche Lufthansa AG (LHA.XE) expects to turn its new acquisition Austrian Airlines AG (AUA.VI) to profit soon, but a firm target hasn't yet been set, Lufthansa's chief executive said Thursday.

"We will get to work now to set a target for turning Austrian Airlines to profitability as soon as possible," Lufthansa Chief Executive Wolfgang Mayrhuber said, speaking to journalists in Vienna following the final closing of the acquisition.

He added, however, that the jet fuel price and poor overall economic conditions are uncontrollable factors that make it difficult to plan a timetable for the turnaround.

Austrian Airlines was sold after suffering severe financial difficulty resulting first from high jet fuel prices and later dwindling passenger figures.

Mayrhuber said Austrian Airlines offers a good product in terms of service and route network, but that "Austrian Air has a cost problem."

The Austrian flagship carrier has already initiated stark cost-cut measures, and Mayrhuber said the efforts will be pursued further in the future, but Lufthansa hasn't brought a new and tougher cost-cut program with it to Vienna.

It is a long-term investment, Mayrhuber said, adding that Lufthansa's target is to keep Austrian Airlines' long-haul route network intact.

-By Flemming E. Hansen, Dow Jones Newswires; +43 1 513 69 22 10; flemming.hansen@dowjones.com