Thursday, 10 November 2011

Air France KLM slide in profits


Air France-KLM reported a steep slide in profitability in the quarter ended Sept. 30, as passenger traffic was insufficient to offset a higher fuel bill, and set a three-pronged recovery plan to get the airline back on an even keel.
The airline issued a profit warning for the full year, saying it now expects to report an operating loss in the year's last quarter, as well as for the 12 months through Dec. 31, compared with previous guidance of a higher operating profit.
Air France-KLM is changing its financial year to the calendar year from a year that ended on March 31.
Net profit for the three months ended Sept. 30—the second quarter of the current financial year that exceptionally will be for only nine months—was €14 million ($19.4 million), compared with €290 million a year earlier.
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