English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

Air France drags down KLM again

MD-11 KLMPARIS: For the first nine months of 2014, Air France-KLM lost €514 million – down from minus €651 million in the same period last year.

Europe's second largest airline group has now lost over €4 billion since 2009 with the latest results hit by an Air France pilot strike, that the company says cost it €330 million, as its operating result fell from €641 million to €247 million in the third quarter compared to 2013.

Revenue for the first nine months fell 3.6 percent to €18.7 billion year-on-year; the operating result fell €153 million to €40 million; and the net debt fell €75 million to €5.27 billion. Free cash flow compared to the same period last year fell from +€496 million to -€75 million.

Cargo revenue fell 9.4 percent in the third quarter to €623 million year-on-year and revenue for the first nine months fell 6.0 percent to €1.96 billion. Losses for the quarter increased €18 million to €102 million while nine month losses remained almost the same as 2013 at €181 million.

In addition to the pilot's strike during the quarter, KLM abruptly terminated its president and CEO Camiel Eurlings and replaced him with his deputy, COO Pieter Elbers, as the company continues to celebrate 95 years of commercial flying.

Air France-KLM, whose CEO and CFO are both French, also announced the company's 'Transform 2015' cost-reduction program would be succeeded by a 'Perform 2020' plan in a bid to return to profitability – and possibly avoid reporting future financial results as two airlines, not one.

News

Written on 28/03/2017, 21:10
qatar-backs-britain-as-may-signs-brexitLONDON/BIRMINGHAM: March 28, 2017. A day before Britain confirmed its formal departure from the European Union, the country signed an MoU with Qatar to...
Written on 28/03/2017, 18:40
gcc-airfreight-market-to-face-hyperloop-competitionABU DHABI: March 28, 2017. Speaking at the Global Manufacturing and Industrialisation Summit this week, Hyperloop One senior vice president Nick Earle...
Written on 27/03/2017, 21:25
psa-profit-despite-unrelenting-trials-and-tribulationsSINGAPORE: March 27, 2017. CMA CGM and PSA Singapore have added two more berths to their container terminal joint venture for a total capacity of four...
Written on 24/03/2017, 19:32
malaysia-and-alibaba-to-build-digital-trade-platformKUALA LUMPUR: March 23, 2017. Alibaba is to partner with the state-run Malaysia Digital Economy Corporation (MDEC) to host what company executive chairman...
Written on 24/03/2017, 16:31
ai-becomes-truckload-matchmakerHAMBURG: March 24, 2017. As PwC releases a report suggesting 950,000 jobs will be lost in the UK transport sector from the use of artificial intelligence...
Written on 24/03/2017, 15:49
dp-world-eyes-panama-as-net-profit-jumpsDUBAI: March 22, 2017. DP World has reported a 29.9 percent rise in net profit for 2016 to US$1.26 billion, on a 4.9 percent increase in revenue to total...
Written on 22/03/2017, 22:12
new-ocean-carrier-alliances-to-shake-things-upGENEVA/BRUSSELS: March 22, 2017. The impending operation of three ocean box alliances on April 01 has prompted fears of capacity constraints and rising...
Written on 20/03/2017, 19:53
volga-dnepr-paid-former-u-s-national-security-advisorWASHINGTON, DC: March 20, 2017. As Congressional hearings begin on possible connections between the Trump presidential election bid and Russia, evidence...
Written on 17/03/2017, 20:55
lufthansa-group-reports-rise-in-net-profitFRANKFURT: March 16, 2017. The Lufthansa Group has reported a 4.6 rise in net profit to €1.77 billion in 2016 on a 1.2 percent drop in revenue to €31.66...
Written on 17/03/2017, 19:19
another-airline-level-for-iagBARCELONA: March 17, 2017. International Airlines Group (IAG) will begin flights from Barcelona to Los Angeles, Oakland, Punta Cana in the Dominican...
Written on 17/03/2017, 17:39
european-commission-re-imposes-cargo-finesBRUSSELS: March 17, 2017. The European Commission has renewed its decision to fine 11 airlines €776.46 million for operating an air cargo cartel between...
Written on 15/03/2017, 20:15
ups-continues-to-reduce-ghg-emissionsATLANTA, GA: March 15, 2017. UPS is to spend an additional US$90 million on expanding its U.S. natural gas fueling infrastructure and acquiring more...
Written on 14/03/2017, 21:13
air-cargo-stuck-in-the-16th-centuryABU DHABI: March 14, 2017. Speaking at the opening of the 11th World Cargo Symposium, IATA director general and CEO Alexandre de Juniac warned air cargo...
Written on 09/03/2017, 20:41
u-s-infrastructure-strong-risk-of-failureRESTON, VA: March 09, 2017. The American Society of Civil Engineers (ASCE) says restoring U.S. infrastructure to its competitive position will cost the...
Written on 08/03/2017, 19:52
zte-fined-over-a-us-1-billionDALLAS/ SHENZHEN: March 07, 2017. ZTE, a provider of telecommunications systems, mobile devices and enterprise technology solutions, has been fined...
Written on 07/03/2017, 22:51
no-additional-trade-tariffs-warns-mexicoDETROIT, MI: March 06, 2017. Addressing executives from the U.S. auto industry, Mexico Secretary of Commerce Ildefonso Guajardo Villarreal has reiterated...
Written on 07/03/2017, 20:38
maersk-and-ibm-to-launch-digital-trade-solutionARMONK, NY: March 06, 2017. Following ratification of the WTO's Trade Facilitation Agreement, IBM and Maersk are developing the use of blockchain...
Written on 06/03/2017, 20:36
dsv-signs-red-cross-agreementCOPENHAGEN: March 07, 2017. DSV and Denmark's Red Cross have signed a global logistics agreement that includes the donation of two warehouses. With a...
Written on 06/03/2017, 19:07
good-start-for-air-cargo-in-2017GENEVA: March 07, 2017. Noting an increase in the shipment of silicon materials, IATA reported a 9.0 percent year-on-year jump in airfreight...
Written on 03/03/2017, 21:33
iata-repeats-trump-warningWASHINGTON, DC: March 03, 2017. IATA has reiterated its warning to the Trump Administration about a future of restricted borders and protectionism. "Our...

- powered by Quickchilli.com -