AF-KLM Cargo $100 million worse off

AIR France-KLM Cargo has gone from a US$19.8 million profit in 2010 to a $79.2 million loss in 2011– leaving it $99 million out of pocket.

During 2011 the airline increased revenue 2.6 per cent to $3.9 billion as traffic contracted 1.3 per cent. Capacity was up 2.4 per cent leaving the load factor down 2.5 per cent at 66.4 per cent.

Air France-KLM has idled five of its 22 freighters, which helped it break even in the fourth quarter despite the absence of the high season.

Fourth quarter revenue fell 3.4 per cent to $1.05 billion from $1.09 million in the same period in 2010 when the cargo unit booked a $79.2 million profit. Traffic was down 4.7 per cent on 0.5 per cent less capacity, reducing the load factor by 2.9 per cent to 67.5 per cent.