Air France-KLM: 66% of restructuring plan objectives reportedly already achieved
Air France-KLM Group reportedly has already achieved 66% of its Transform 2015 restructuring plan objectives with the Group already saving EUR990 million. According to a report from Les Echos, the Group is targeting savings of EUR1.5 billion by the end of 2014 and reportedly will release an updated restructuring strategy in Oct-2013 in order to address losses in its short and medium-haul and cargo businesses. Air France’s provincial bases, which lost EUR130 million in 2012, are reportedly expected to report a loss of EUR80 million in 2013. Meanwhile Air France’s costs have reduced by 3% since 2011 however the airline has also faced a 3.8% decline in unit revenue in its short and medium-haul operations.