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Air France profits down 97%
Air France profits tumbled 97% in the first quarter to 4 million euros.
The net profit for the same period last year was 159 million euros.
The French airline blames strikes by air traffic controllers for the loss of 55 million euros of revenue. The carrier also cites “a deterioration in the business climate, aggravated by the conflict in Iraq, the SARS epidemic, high fuel prices, and a weakening of the dollar and the yen”. In all, Air France says the SARS epidemic cost it an estimated 100 million euros in lost revenue.
In the three months to June 30 traffic fell by 5.7%, but the carrier says there were signs of a recovery from June onwards.
A statement read: “The first three weeks of August have confirmed the rebound in traffic discernible over the past two months. This allows Air France to maintain its target for a slightly positive operating income (before aircraft disposals) over the full fiscal year.”
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