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KLM Posts Q3 Profit Of €31 000 000

Fri Jan 24, 2003 1:12 am

KLM Royal Dutch Airlines has posted a Q3 profit of €31 000 000 / US$33 263 000

It also said the operating environment to March would "remain difficult." KLM is adjusting capacity by grounding some commuter aircraft - mainly Fokker 50s and grounding a 743.

KLM also said that yields were under pressure due to European low-cost airlines. Buzz - the UK low cost airline owned by KLM has passenger numbers that "stayed below expectations" as a result of the "competitive market conditions".

However, the operating loss fell from €76 000 000 a year ago to €63 000 000 / US$67 599 000.

More information at the Financial Times website

Leo van Wijk - CEO of KLM said, "In the Third Quarter, we experienced a declining trend in demand, which has put pressure on our traffic and yields. As we expect this pressure to continue in the last quarter of our fiscal year, we are adjusting our capacity and network plans for the remainder of the fiscal year as well as for the summer of 2003, and further increase our focus on cost management."

More information at the KLM Investor Relations website

Information was gathered from the above hyperlinked webpages. Full information can be viewed by clicking the above hyperlinked webpages. Information except for quotes was not copied and pasted and was rephrased. Currency conversion from European €uros to United States Dollars courtesy of the Singapore Airlines Currency Converter (www.singaporeair.com)
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