Air France-KLM reports a quarter 1 operating loss of 597 million euros ($785 million) from 403 million euros a year earlier, according to Bloomberg. Dutch news reports the net loss amounts to 368 million euros, which is a bit lower than last year for the same quarter.
Passenger numbers and ticket prices are up, cargo is still a major headache for the group, which runs 2 dedicated cargo airlines (Martinair and Air France cargo), on top of the combi and belly freight of the passenger fleet.
It's no surprise that fuel prices are also cited as a reason for the loss. Fuel costs rose with 17% or 255 million euros to 1.7 billion euros, for a revenue of 5.6 billion euros.
No further breakdown of costs and revenue streams is given, although the Dutch equivalent of the Financial Times (Het Financieele Dagblad) reported a few weeks ago that the KLM part of the company reported an operating profit of 200 million euros over 2011.
The article cites that cost cutting measures will be taken to turn around the company, as the fuel prices cannot be the only reason for the bad performance. Will it be enough, is the big question...