Wednesday, May 4, 2016 - 12:50
Air France-KLM stems losses as new CEO takes helm
Air France-KLM's new CEO Jeam-Marc Janaillac is taking over the French-Dutch airlines on somewhat improved results compared to last year. In the first quarter of 2016 the airlines managed to further stem losses, though they still ended the quarter in the red, ANP reports. In the first quarter of this year, Air France-KLM achieved a turnover of 5.6 billion euros. This is excluding the income of catering branch Servair, which is currently for sale. That is slightly more than n the first quarter of 2015. The operating loss amounted to 99 million euros, more than 75 percent lower than in the same quarter last year. The airlines suffered a net loss of 155 million euros, compared to a net loss of 559 million euros a year earlier. The improved figures can largely be attributed to the low fuel prices, but cutbacks at both Air France and KLM also played a roll. Air France-KLM announced the appointment of Janaillac as CEO on Sunday. He will be taking over from Alexandre de Juniac in July. De Juniac resigned last month.