Cargo IT meltdown hits Air France-KLM earnings [Yahoo! Finance]
AIR FRANCE-KLM ADS (AFLYY)
NASDAQ:AMEX Investor Relations:
airfranceklm.com/en/contacting-investor-relations-department
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Source: Yahoo! Finance
The joint venture reported cargo revenues fell 16.5% year over year to 562 million euros ($602.3 million) even as traffic in revenue ton kilometers — a measure of revenue generation based on how much cargo is carried times distance — increased 4%. More broadly, the company's operating loss widened to $524 million compared to $333 million a year ago, partly due to operational disruptions and slower cargo business. The Air France-KLM Group operates six cargo jets: KLM's three Boeing 747-400 production freighters, Martinair's one 747-400 converted freighter and Air France's two 777-200s. The Air France and KLM cargo divisions also manage shipments carried by their large passenger fleets. Lower cargo revenues were attributed to a 26% decrease in yield and problems implementing new software at Air France's main warehouse at Paris Charles de Gaulle Airport. Air France began migrating customers to a new cargo management system in early March but quickly experienced problems, according
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