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Economy

Air France-KLM reduces losses in 2014

media Le PDG d'Air France-KLM Alexandre de Juniac, lors d e la présentation des résultats du premier semestre du groupe, à Paris, le 26 juillet 2013. Reuters/Christian Hartmann

Air France-KLM drastically reduced its losses in 2014 but remained in the red, largely due to a 14-day French pilots’ strike in September. Costs fell 70 million euros, reducing the effects of a drop in turnover of 495 million euros.

Air France-KLM’s net losses were 198 million euros last year, compared to 1.83 billion euros in 2013, a company statement said on Thursday, although its net operating income went into the red, at -129 million euros compared to a positive 130 million euros the year before.

Turnover fell 2.4 per cent to 24.9 billion euros.

Air France-KLM earlier estimated that the pilots’ strike cost 425 million euros.

“The economic environment has been difficult and contrasting,” CEO Alexandre de Juniac commented, pointing to economic problems in Latin America, the Ebola crisis in west Africa and security crises in some countries.

The company has done well in the north Atlantic, faced competition from low-cost airlines in Europe and overcapacity in Asia.

But since December, when the company’s debt was 5.41 billion euros, it has been helped by a decline in petrol prices and a fall in the value of the euro.

Air France- KLM has shed staff in a restructuring programme.

De Juniac refused to make any forecasts for the airline’s performance in 2015.

 

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