Record loss for Air France-KLM
Wednesday, 20 May, 2010
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A record annual net loss of £1.33 billion has been disclosed by Air France-KLM for 2009-10.
The figure is almost double the loss reported for the previous financial year.
The result came in advance of British Airways results tomorrow (Friday) which are also expected to show a further plunge into the red.
Air France-KLM blamed a fall in air traffic, sky high fuel prices and the fatal Rio-Paris air crash of almost a year ago.
Chief executive Pierre-Henri Gourgeon said that 2009-10 financial year would go down as the company’s "annus horribilis".
He said: "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.”
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 Phil Davies
Phil Davies
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