Air France-KLM has had another dramatic quarter. Turnover was 67 percent lower than last year. After all, much less flying was done as a result of the corona crisis.
Air France-KLM deployed 60 percent fewer aircraft and on average less than 43 percent of the seats were occupied.
Although the revenue decline is less than the 95 percent of the second quarter, when many countries were still in lockdown, summer has traditionally been the best period for airlines.
At the bottom of the line is a loss of nearly 1.7 billion euros. In the same period last year, a profit of 363 million euros was made.
This loss includes an exceptional charge of 565 million euros that Air France-KLM takes for a reorganization. The loss is greater than analysts expected. They counted on a loss of more than 1 billion euros.
Things are not looking good for the fourth quarter either. The coronavirus is flaring up in Europe and measures to combat the virus are being taken in many countries.
France is going into lockdown for the second time this year today. The board of Air France-KLM therefore expects a ‘challenging’ fourth quarter, with a result that will be ‘considerably’ lower than that in the third quarter.
KLM less bad than AF
As has been customary for years, KLM is performing considerably less badly than Air France. KLM suffered an operational loss of € 234 million, while Air France lost € 807 million.
The turnover of Air France is 30 percent higher than that of KLM, but relatively the France airline is running considerably worse.