Air France-KLM report Q3 losses

Air France-KLM on Friday reported an operational loss of €194m in the third quarter of its financial year (October to December 2008) compared to profit of €311m in the same year-earlier period.

Turnover in the third quarter was more or less stable at €5.97bn, the company said.
The results ‘reflected the increasing severity of the economic downturn’ said the airline in a statement.
Air France-KLM’s passenger business was up 3.4% but cargo operations were down 12.5%, the company said.
‘Our target for 2008-09 is still a positive operating result, but its level will depend on economic developments between now and the end of the year, their impact on the passenger activity, and especially on cargo which is facing extremely difficult conditions,’ according to KLM-Air France.
The company said it will take a number of steps to tackle the economic situation, including a capacity reduction of 2% for the coming summer and a €1.2bn reduction in investments, half of which will be implemented in the coming year.

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