€300 million loss is better than analysts had predicted
Air France-KLM said this morning that it managed to narrow its operating loss in 2012 as it filled more aircraft capacity than ever before and increased fares on North Atlantic routes. Its €300 million loss was better than analysts had predicted and is an improvement on the €353 million loss for 2011.
The group is not yet giving a profit forecast for 2013 as the economic environment is “too uncertain”, but Philippe Calavia, Air France-KLM’s head of finance, said the company was sticking to its target to cut debt by €2 billion by the end of 2014 in an effort to return to profit. Measures include renegotiating employees’ salaries, cutting 5122 jobs and restructuring the network.
Cutting debt “is the main goal of the group,” Calavia said. “Everything else is done to contribute to this.”