Air France–KLM profit slumps 96%

Air France–KLM has seen a 96% drop in second-quarter profit as falling oil prices reduced the value of its fuel hedges.

The carrier’s net income in the three months of July–September dropped from €736 million a year ago to just €28 million.

In response the airline confirmed there would be capacity cuts for the winter and that it would stagger new fleet orders over a longer period.

"We are facing a difficult situation and as we don't have a crystal ball we have to take the necessary measures," said chairman and chief executive, Jean-Cyril Spinetta.

Source: Routes News