AF-KLM loss for Q1 but merge cargo for US
09 / 08 / 2009
AIR France-KLM Group has posted a net loss for the first-quarter of €431 million (US$606 million). This compares with net income of €132 million ($187 million) last year.
Cargo sales fell 42 per cent for the quarter to €544 million euros while traffic dropped 23 per cent. Air France responded by cutting capacity by 17 per cent.
“Global economic activity has stabilised at unprecedented low levels, leading to a sharp decline in volumes and unit revenues,” Air France said in a statement.
Air France chief executive officer, Pierre-Henri Gourgeon (right), commented: “The cargo situation is extremely depressed. We have been, for the last six months, between minus 17 per cent to minus 24 per cent. These are terrible figures, never seen before and it shows how depressed worldwide business and exchange of goods is, which is at a very, very low level.
“Air France is losing a lot of money. We are a large operator and we are trying to reduce our exposure. In cargo we have to go on with a steep decrease in our activities.”
For the full story, see the next issue of Air Cargo News, dated 21 August.