So far, Air France has been hit less than some of its competitors.
The airline has reacted very quickly to the crisis that occured after September 11 by switching very early after the events to a reduced flight program (Winter program).
Furthermore, the airline has speed up the retirement of the A310s and will be receiving its 777-200ERs earlier than initially planned to benefit from the fleet rationalization and renewal.
Although some markets like Middle East are suffering from the current situation, the demise of Swissair and Sabena has boosted its market share on Western African routes.
The cooperation with Alitalia is already successful since customers who used to fly on AZ's the non-profitable routes now connect on Air France's flights for the dropped destinations (notably Asia).
The troubles of Air Lib on the domestic and Caribbean routes have also helped Air France.
Debt ratio has been steadly decreasing since 1997 (current 0.74 vs. 1.07 in 1997) despite the heavy investments in the fleet.
The airline would announced another profit for this year, if things don't get worse.