AF-KLM Cargo to post loss

AIR France-KLM Cargo is likely to report a US$614 million when it presents its 2009/10 financial results this week. Revenue fell 26 per cent to $766 million from $1.07 billion the previous financial year and when the unit lost $70 million.

The loss, from Europe’s largest cargo unit, will account for a third of its parent company’s own $1.6 billion loss for the year.

Following heavy losses, the airline is transferring most of its freighters to its subsidiary Martinair. It has also sold the future delivery of two 777 freighters to Federal Express and leased three 747-400 freighters to AirBridgeCargo.

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