Air France-KLM announces 809 million euro net loss in 2011 | Latest News India - Hindustan Times
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Air France-KLM announces 809 million euro net loss in 2011

AFP | By, Paris
Mar 08, 2012 01:18 PM IST

Air France-KLM plunged into the red in 2011 with a net loss of 809 million euros on the back of rising fuel prices which are expected to increase again this year, the group announced today.

Air France-KLM plunged into the red in 2011 with a net loss of 809 million euros on the back of rising fuel prices which are expected to increase again this year, the group announced on Thursday.

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The group's fuel bill, its second-largest expenditure after personnel costs, increased by 904 million euros to 6.438 billion ($8.48 billion), a 16.3% jump, it said.

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Fuel prices were expected to increase by a further 1.1 billion euros in 2012, it said.

"The 2011 year was difficult for the group because of an uncertain economic environment and a large increase in the price of fuel," said the head of the group Jean-Cyril Spinetta.

The group also recorded an operating loss of 353 million euros.

Thursday's announcement marked the first time that the group, created in 2004, published its calendar-year results. As has been its custom, it did not release individual company results.

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