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Strikes Contribute to Air France-KLM Q1 Loss

By Michael B. Baker / May 04, 2018 / Contact Reporter
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Strikes and fuel costs dealt a financial hit to Air France-KLM in the first quarter, despite increased demand. Passenger revenue rose 0.6 percent year over year to 4.55 billion euros, and unit revenue increased on routes to North America, Latin America and Asia, as well as on medium-haul routes. Traffic went up 4.9 percent and capacity 3.2 percent; load factor increased by 1.4 percentage points to 86.7 percent. Air France staff strikes related to pay disputes over the past few months, however, cost the carrier about 75 million euros during the first quarter, and fuel costs were up 83 million euros year over year on a constant currency basis. The carrier projects that strikes will cost Air France at least 300 million euros this year, and Air France-KLM estimates its 2018 fuel bill will rise 350 million euros year over year. Air France-KLM reported a net loss of 269 million euros for the quarter, 126 million euros deeper than the first quarter of 2017's loss.

RELATED: Air France-KLM Q4 2017 earnings
RELATED: Air France-KLM Q1 2017 earnings

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