Air France-KLM (AF-KLM) incurred a second-quarter net loss of €895 million ($1.1 billion), significantly widened from a €196 million net deficit in the year-ago period. It noted that much of the net loss can be attributed to one-time charges, particularly those related to its cost restructuring program and accounting changes.
The airline group’s second-quarter operating loss was €66 million, more than halving a €145 million operating deficit in the 2011 June quarter. AF-KLM chairman Jean-Cyril Spinetta said in a statement, “Even though these second quarter [operating] results represent a year-on-year improvement, they remain in negative territory. These results demonstrate how crucial the success of the Transform 2015 [cost restructuring] plan is to the turnaround of the group [ATW Daily News, June 21]. In an increasingly uncertain global economic environment compounded by oil price and exchange rate volatility, an improvement in our productivity and costs is even more necessary.”
See the full article at Air Transport World