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Rising fuel costs lead to Air France-KLM losses

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    Air France-KLM has reported a loss for the first quarter of this year on the back of escalating fuel costs coupled with a drop in cargo traffic.

    The airline group reported a loss of $483 million, similar to the previous year. Revenue however rose six percent to $7.3 billion.

    Last year, Air France-KLM announced that it would set out to reduce costs by 10 percent and cut debt. The effects of its plan are expected to bear fruit in the second half of 2012.