Air France-KLM posts nine-month net loss of €957 million
Air France-KLM has posted a net loss of €957 million for the first nine months of 2012. That’s almost twice the €550 million loss for the same period in 2011. The group blames the costs of restructuring, manifested in a €536 million bill for non-current and non-cash charges – including €348 million for voluntary redundancies. Revenues increased by 5% to €19.3 billion, but operating costs also rose 5%.
However, the group stressed that a turnaround was already in process. Operating income for the quarter to September was €506 million, up by almost 6%, helped by strong summer passenger traffic and a weak euro.
“In a difficult economic environment in Europe, but with a good level of activity in the other markets, the group maintains its objectives of an operating result in the second half of 2012 above the level of the second half of 2011 (€195 million),” Air France-KLM said in a statement.
Meanwhile, Air France is demanding compensation from Airbus for lost revenues after technical issues with its Airbus A380 fleet, including those related to wing cracks.
“Talks are still underway, but the subject is all the more complex given that it concerns all operators,” an Air France spokesman said. “We are in negotiations with Airbus about compensation for aircraft being taken out of service, in order to partly offset lost revenues.”
ATW / Reuters
[pictured: Embraer 90; courtesy KLM]