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            september 19, 2019

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Busworld 2019

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Air France-KLM reduces cargo loss


Air France-KLM has reduced its operating losses from cargo 25 per cent in the first half, but the recovery of the business is taking longer than expected making more cost cutting necessary, according to the Shipping Gazette.
A spokesman for AF-KLM Cargo told Lloyd's Loading List that more than 200 workers in the division will see their jobs go under this plan.
The cargo unit posted a first half operating loss of EUR100 million (US$132.8 million), compared to EUR134 million a year earlier. Revenue was down 7.6 per cent at almost EUR1.31 million, according to Lloyd's Loading List.
Group results had improved quarter to quarter over the past year despite of a tough economic environment, said Air France-KLM chairman and CEO Alexandre de Juniac.
"Nevertheless, revenues remain below target and the turnaround of the medium-haul and cargo businesses is taking longer than expected. As a result, further measures will be adopted in both these businesses in the autumn, in order to ensure that on the completion of our plan we will have met our cost and debt reduction objectives, paving the way for growth," he added.
In June 2012, within the framework of the Transform 2015 restructuring plan, Air France announced it was eliminating 5,600 jobs by the end of 2013 - 10 per cent of its workforce.

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