Air France-KLM announces 809 million euro net loss in 2011
Air France-KLM plunged into the red in 2011 with a net loss of 809 million euros on the back of rising fuel prices which are expected to increase again this year, the group announced on Thursday.
The group's fuel bill, its second-largest expenditure after personnel costs, increased by 904 million euros to 6.438 billion ($8.48 billion), a 16.3 percent jump, it said.
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Fuel prices were expected to increase by a further 1.1 billion euros in 2012, it said.
"The 2011 year was difficult for the group because of an uncertain economic environment and a large increase in the price of fuel," said the head of the group Jean-Cyril Spinetta.
The group also recorded an operating loss of 353 million euros.
Thursday's announcement marked the first time that the group, created in 2004, published its calendar-year results. As has been its custom, it did not release individual company results.
by Kerry Sheridan Â© 2012 AFP
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Source : AFP