Air France-KLM has reported its biggest loss in two decades and dismissed 2009/10 as its ‘annus horribilis’.
The airline said high fuel costs, the global slump, adverse weather, strikes and the tragic Rio-Paris accident last June had all impacted its business.
Its net loss grew to €1.56 billion in the 12 months ended March 31 from €814 million in the previous financial year.
Revenue fell 15% to €21 billion and passenger numbers dropped 4.1% to 71.4 million.
CEO Pierre-Henri Gourgeon said: “2009/10 will go on record as
our ‘annus horribilis’.
“The global economic crisis had a profound effect on the entire airline industry. In addition, Air France-KLM had to contend with the tragedy of the Rio-Paris accident of June 1st 2009.â€
The airline said it expects to break even this year, excluding the impact of pre-2009 fuel hedges and subject to the cost of disruption due to the ash cloud.
By Bev Fearis
