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Air France-KLM: profit of 460 million euros with higher turnover than before the crisis

2022-10-28T06:22:45.080Z


These results allow the Franco-Dutch group to further reduce its debt. Air France-KLM earned 460 million euros in net profit in the third quarter thanks to strong demand for air travel during the summer, even achieving a turnover higher than the corresponding period of 2019, before the Covid. This second consecutive quarter of a return to the green, obtained despite very high inflation and oil prices, allows the Franco-Dutch group to reduce its debt again, he said in


Air France-KLM earned 460 million euros in net profit in the third quarter thanks to strong demand for air travel during the summer, even achieving a turnover higher than the corresponding period of 2019, before the Covid.

This second consecutive quarter of a return to the green, obtained despite very high inflation and oil prices, allows the Franco-Dutch group to reduce its debt again, he said in a press release on Friday, announcing the early repayment. one billion euros in state-guaranteed loans out of the 3.5 billion still due.

Air France-KLM took advantage of the crucial summer period by carrying 25 million passengers, an increase of 47.6% compared to the third quarter of 2021. But its turnover did much better, jumping by 77.6% at 8.11 billion euros, a level 500 million euros higher than in the third quarter of 2019, before the outbreak of Covid-19 which had divided by three the number of air passengers in the world in 2020. Air However, France-KLM only deployed 89% of its 2019 seat capacity this summer, with an occupancy rate of 88%.

Read alsoAir France-KLM appoints a CEO to boost its “green” ambitions

Thanks to the third quarter profit, the company is in the green for the first nine months of the year, with a net result of 232 million euros.

It had lost 7.1 billion euros in 2020 and 3.3 billion in 2021. Its net debt has decreased by 2.2 billion euros since the end of 2021, to 5.9 billion.

Saved from bankruptcy by the interventions of the French and Dutch states, and after two recapitalizations, the group emerged more profitable from the Covid-19 crisis.

It has carried out a cost reduction plan involving the exit from the fleets of its least profitable aircraft, and drastically reduced its workforce: -16% full-time equivalents at Air France and -11% at KLM, for salary costs down 6% at group level between 2019 and 2022.

In addition, "

In response to the rise in fuel prices and the increase in other external costs, the Group implemented, on all its long-haul flights, several price increases during the first half of the year 2022

", underlined the company, which has also seen its profitability per seat inflated by the success of its upper classes in the cabin.

Source: lefigaro

All business articles on 2022-10-28

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