Air France-KLM reports losses as fuel costs rise
February 22 , 2013
Air France-KLM, the Franco-Dutch airline, has reported an increase in losses in 2012 on the back of rising fuel costs and trouble with its cargo business.
Net losses were up 47 percent to 1.19 billion euros ($1.57 billion) after a 471 million-euro restructuring charge and a 890 million-euro rise in its fuel bill.
However, operating losses fell to 300 million euros, down from 353 million euros the year before.
Revenues rose 5.2 percent to 25.6 billion euros due to increased prices on its North Atlantic routes.
Meanwhile, debt fell from 6.51 billion to 5.97 billion euros on the back of sell-offs and spending cuts.
The firm plans to reduce its net debt by 2 billion euros by the end of 2014.
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