16 September 2008

Air France-KLM launches cost-saving plan

Air France-KLM has put a plan of structural cost-savings in place, claiming it will emerge stronger from the economic crisis and steep oil prices.

Speaking to a group of international institutional investors at the UBS conference in London yesterday, the airlineââ¬â¢s chairman Jean-Cyril Spinetta said it will outperform its European rival airlines.

He claimed that while Air France-KLMââ¬â¢s hedges remain the best among its European peers, they will decline in efficiency over time.

He also confirmed the groupââ¬â¢s objective for the current financial year of operating income in the region of one billion euros.

Spinetta said he expects the oil price to remain at a high level, and emphasised the importance for the group of adapting to this environment.

By Bev Fearis

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