Air France-KLM reports worse than expected Q1 results as costs soar [Reuters]
AIR FRANCE-KLM ADS (AFLYY)
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airfranceklm.com/en/contacting-investor-relations-department
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Source: Reuters
LONDON/GDANSK, April 30 (Reuters) - Airline group Air France-KLM on Tuesday reported a higher than expected first quarter operating loss of 489 million euros ($524.31 million) as it faced high customer compensation at Dutch carrier KLM and one-off payments to staff. European airlines have been struggling with climbing costs surrounding labour disruption and geopolitical turbulence in recent months, with German group Lufthansa issuing a profit warning earlier in April tied to strikes. Still, Air France-KLM maintained its outlook, including a vow to keep a rise in unit costs capped at 1-2% for the 2024 financial year, even though they climbed to 4% in the first quarter. "As anticipated, our operating income was impacted by disruption costs and a slower cargo business. We nonetheless remain confident in our ability to achieve our 2024 unit cost outlook," Chief Executive Ben Smith said in a statement. Report this ad Analysts had forecast the group's Q1 loss at 424 million euros
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