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19

KLM Losses Widen As Passenger Numbers Fall

KLM Royal Dutch Airlines has said that its fiscal fourth quarter loss widened...

KLM Royal Dutch Airlines has said that its fiscal fourth quarter loss widened from a year earlier as Europe's fourth largest carrier was hurt by a drop in passenger numbers after the September 11th attacks in the USA.


KLM had a loss of 108 million euros ($99 million), or 2.3 euros per share, in the three months ending March 31st, compared with a loss of 88 million euros, or 1.9 euros, in the year earlier period. The loss before interest and taxes of 124 million euros compared with an operating loss of 70 million euros a year ago. Sales fell by four percent to 1.5 billion from 1.6 billion.

?For the fiscal year 2002/2003, KLM will continue to be prudent in adding back capacity and is firmly focused on restoring profitability,? KLM said in an e-mailed statement. It is ?difficult to predict whether a positive net result is achievable. We do, however, expect to make an operating profit.?

Revenue fell after KLM slashed fares on European routes by twenty five percent to win back customers. The carrier is also cutting costs by merging the KLM Cityhopper and KLM UK regional divisions and making Boeing 737 planes the only model used by its Transavia Airlines charter unit.

Author: Neftegaz.ru