Air France-KLM posts €505m loss

Airline Air France-KLM posted a loss of €505m in the last quarter and has announced plans to cut more jobs.

In a statement after the close of the stock exchange on Tuesday, the airline said it would also not pay a dividend in order to cut costs.
The company reduced its workforce by 2,700 last year and another 3,000 jobs are set to go this year, the Financieele Dagblad reported. Compulsory redundancies were ruled out.
Over 2008/2009 as a whole, the company booked a net loss of €814m, compared with net profit of €756m in the previous year. It is the first time the airline has posted a loss since the merger in 2003.
KLM has been hit by declining passenger numbers, freight volume and the oil price.
Among the measures taken: the group has cut 4.4% of its seat capacity going into the summer and will fly nine fewer aircraft than planned.

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