Air France-KLM reports strong improvements in 2QFY2010

Air France-KLM revenue up 19% - financial highlights for the three months ended 30-Sep-2010:

• Revenue: EUR6649 million, +18.6% year-on-year;
• Operating costs: n/a, +7.4%;
  • Labour: EUR1823 million, +0.1%;
  • Fuel: EUR1503 million, +16.0%;
  • Landing fees and en route charges: EUR475 million, +4.6%;
• Operating profit: EUR576 million, compared with a loss of EUR47 million in p-c-p;
• Net profit: EUR290 million, compared with a loss of EUR147 million in p-c-p;
• Total assets: EUR28,626 million, +3.1% when compared with the period ended 31-Mar-2010;
• Cash and cash equivalents: EUR3588 million, -4.3% when compared with the period ended 31-Mar-2010;
• Total liabilities: EUR21,988 million, -1.7% when compared with the period ended 31-Mar-2010;
• Passenger traffic (RPKs): +0.6%;
• Passenger load factor: 84.8%, +0.9 ppt;
• Passenger yield: EUR 8.68 cents, +17.7%;
• Passenger revenue per ASK: EUR 7.36 cents, +18.9%;
• Passenger cost per ASK: EUR 6.59 cents, +7.3%;
• Cargo traffic (FTKs): +2.6%;
• Cargo load factor: 66.0%, +1.9 ppt;
• Cargo yield: EUR 25.84 cents, +34.0%;
• Cargo revenue per ATK: EUR 17.05 cents, +38.0%;
• Cargo cost per ATK: EUR 16.62 cents, +7.3%. [more]

Air France-KLM: "In current market conditions, the group's objective is to generate operating income for Full Year 2010-11 over EUR300 million. In the context of its three-year plan (2011-12/2013-14), the group has fixed financial objectives of a 3% reduction in unit costs on a constant currency and fuel price basis, an adjusted operating margin above 7%, a return to a gearing ratio of 0.5 and ROCE (return on capital employed) of 8% after tax," Company statement. Source: Air France-KLM, 17-Nov-2010.