Air France/KLM reports record losses
Air France-KLM has reported its biggest loss in two decades and dismissed 2009/10 as its ‘annus horribilis’.
The airline said high fuel costs, the global slump, adverse weather, strikes and the tragic Rio-Paris accident last June had all impacted its business.
Its net loss grew to €1.56 billion in the 12 months ended March 31 from €814 million in the previous financial year.
Revenue fell 15% to €21 billion and passenger numbers dropped 4.1% to 71.4 million.
CEO Pierre-Henri Gourgeon said: “2009/10 will go on record as
our ‘annus horribilis’.
“The global economic crisis had a profound effect on the entire airline industry. In addition, Air France-KLM had to contend with the tragedy of the Rio-Paris accident of June 1st 2009.â€
The airline said it expects to break even this year, excluding the impact of pre-2009 fuel hedges and subject to the cost of disruption due to the ash cloud.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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