Air France-KLM and Lufthansa's cost-cutting plan takes off as tough first quarter loss hits [Fortune]
AIR FRANCE-KLM ADS (AFLYY)
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Source: Fortune
the wake of strike disruptions and restrained bookings caused by tensions in the Middle East. The two companies announced the steps as they reported earnings for the first three months. Lufthansa said it will freeze projects and review hiring in some areas at its namesake airline brand, while Air France KLM said it's putting a hold on adding support staff. Both airlines reported widening deficits for the quarter. The first months of the year, while traditionally the weakest period for airlines, were particularly tough for Europe's biggest airlines after strikes at Lufthansa brought operations to a standstill on numerous occasions and Air France also had to contend with labor disruptions as well as weaker cargo demand. At the same time, the companies said things are looking up into the latter half of the year, with promising bookings into the busy summer period and the risk of strikes now averted after reaching agreements with labor unions. “We are now leaving the first quarter b
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