Air France-KLM reports sharp decline in profits in 2QFY2012

Air France-KLM revenue up 2% - financial highlights for three months ended 30-Sep-2011:

• Revenue: EUR6789 million, +2.1% year-on-year;
• Costs:
  • Labour: EUR1860 million, +2.0%;
  • Fuel: EUR1717 million, +14.2%;
• Operating profit: EUR397 million, -31.1%;
• Net profit: EUR14 million, -95.2%;
• Passenger traffic (RPKs): +7.9%;
• Passenger load factor: 86.1%, +1.3 ppt;
• Passenger yield: EUR 8.30 cents, -4.6%;
• Passenger revenue per ASK: EUR 7.14 cents, -3.2%;
• Passenger costs per ASK: EUR 6.56 cents, -0.9%;
• Cargo traffic (FRTKs): -2.1%;
• Cargo load factor: 63.7%, -2.3 ppts;
• Cargo yield: EUR 26.02 cents, +0.7%;
• Cargo revenue per ATK: EUR 16.58 cents, -2.8%;
• Cargo cost per ATK: EUR 17.14 cents, +3.2%;
• Total assets: EUR27,739 million, -4.2% when compared to period ended 31-Mar-2011;
• Cash and cash equivalents: EUR2879 million, -22.5% when compared to period ended 31-Mar-2011;
• Total liabilities: EUR21,512 million, -2.5% when compared to period ended 31-Mar-2011. [more - original PR]

Air France-KLM: "The current economic climate continues to impact international trade as well as business confidence, leading to volatility in both traffic and revenues. As early as July the group took the decision to reduce planned winter 2011 long-haul capacity growth from 5% to 3%. However, this difficult environment is being exacerbated by volatile currency movements and a high fuel price. In these conditions, the group anticipates a negative operating result for the quarter October-December 2011 and, consequently, for the calendar year 2011." Company statement. Source: Air France-KLM, 09-Nov-2011.