Air France-KLM Hit with Net Loss of $1.1 Billion
Air France KLM
Air France-KLM suffered a net loss of nearly $1.1 Billion (€900 million) in the second quarter of this year as it paid a huge chunk in to long-term restructuring that includes big job cuts.
‘In a statement the airline said its accounts included a €368 million provision to pay for restructuring that is expected to eliminate 5,122 jobs out of a workforce of 49,301.
It expects “natural” attrition to produce 1,712 of the cuts, and then it plans to eliminate 2,056 ground staff, 904 cabin crew and 212 pilots.’
European airlines overall are getting hammered by skyrocketing fuel costs and a weak global economy.
On the bright side, Air France-KLM’s revenue rose 4.5 percent to €6.5 billion in the second quarter, lifted by a 2.4 percent increase in passenger traffic, the company said.
Category: Airnation
Reading some of these airlines press releases makes me laugh…that’s why I love this site…they tell it like it is.
Here would be another way to put it:
Air France KLM lost their ASS the last couple of months!!!