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Business

Falling air traffic sees Air France-KLM posts record net loss

Text by News Wires

Latest update : 2010-05-19

Franco-Dutch aviation giant Air France-KLM announced losses of 1.55 billion euros for the 2009-2010 financial year on Wednesday, having struggled to cope with global recession and June's tragic Rio-Paris crash.

AFP - Air France-KLM posted on Wednesday a record net loss of 1.55 billion euros for its 2009-2010 financial year as the Franco-Dutch airline grappled with the global economic crisis and a deadly crash.
  
Slumping air traffic, particularly for cargo, drove the company to its biggest loss since it was created by the 2004 merger of Air France and KLM and followed a loss of 811 million euros in the previous financial year.
  
"2009-10 will go on record as our 'annus horribilis'. The global economic crisis had a profound effect on the entire airline industry," said chief executive Pierre-Henri Gourgeon," said in a statement.
  
"In addition, Air France-KLM had to contend with the tragedy of the Rio-Paris accident of June 1 2009."

Date created : 2010-05-19

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