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Air France-KLM posts higher profits in the second quarter

Aero

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08.01.2023

Air France-KLM yesterday announced a better-than-expected quarterly profit, boosted by a rise in passenger numbers as the situation at airports improved.

In the second quarter of 2023, Air France-KLM's turnover rose by 13.7% year-on-year, and by 14.1% at constant exchange rates, to €7.62 billion. Operating profit was €733 million, well above the €663 million expected by analysts. Net profit for the second quarter almost doubled, rising to 604 million euros from 324 million euros a year earlier.

The Franco-Dutch airline group, which carried 24.7 million passengers over the April-June period, announced that its capacity in the second quarter was 92% of 2019 levels, and confirmed its capacity forecast for the full year at around 95%. Lastly, the Group generated adjusted free cash flow from operations of €557 million. It reduced its net debt by 1.4 billion euros compared with the end of 2022, to 4.9 billion euros at the end of June.

Since last year, strikes and staff shortages have forced European airlines to cancel thousands of flights to avoid massive queues at airports. "I am very pleased to see that the situation at airports is much better this summer, including at Amsterdam's Schiphol airport," said Benjamin 

Smith, the airline group's CEO. He said this summer season would serve as a test run ahead of 2024 and the Paris Olympics, which are expected to attract large numbers of visitors.

Source : https://www.air-journal.fr/2023-07-29-air-france-klm-affiche-un-benefice-en-hausse-au-deuxieme-trimestre-5250366.html

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