Air France-KLM obtained 460 million euros of net profit in the third quarter thanks to the strong demand for air travel during the summer, even achieving a higher turnover than the corresponding period of 2019, before Covid.
This second consecutive quarter back to green, obtained despite very high inflation and oil prices, allows the Franco-Dutch group to reduce its debt again, it said this Friday in a press release, announcing the advance payment of 1,000 million euros in loans guaranteed by the state of the 3,500 million still due.
Air France-KLM took advantage of the crucial summer period carrying 25 million passengers, an increase of 47.6% compared to the third quarter of 2021. But its turnover fared much better, jumping 77.6% to 8.11 billion passengers. euros, a level of 500 million. euros more than in the third quarter of 2019, before the Covid-19 outbreak that had divided by three the number of air passengers in the world in 2020. However, France-KLM only deployed 89% of its seating capacity of 2019 this summer, with an occupancy of 88%.
saved from bankruptcy
Thanks to the benefit of the third quarter, the company is in green the first nine months of the year, with a net result of 232 million euros. It had lost €7.1 billion in 2020 and €3.3 billion in 2021. Its net debt has fallen by €2.2 billion since the end of 2021, to €5.9 billion.
Saved from bankruptcy by the interventions of the French and Dutch states, and after two recapitalizations, the group emerged more profitable from the Covid-19 crisis. It carried out a cost reduction plan that led to the exit of its least profitable aircraft fleets, and drastically reduced its workforce: -16% full-time equivalents at Air France and -11% at KLM, due to salary costs of 6 % in level group between 2019 and 2022.
In addition, “in response to the rise in fuel prices and the increase in other external costs, the Group has implemented, on all its long-haul flights, several price increases during the first half of 2022”, he underlined. the company, which has also seen its profitability per seat inflated by the success of its upper classes in the cabin.
Source: BFM TV
