{"id":5147,"date":"2023-05-06T19:20:05","date_gmt":"2023-05-06T23:20:05","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/air-france-klm-drops-as-operational-challenges-weigh-on-q1-performance\/"},"modified":"2023-05-06T19:20:05","modified_gmt":"2023-05-06T23:20:05","slug":"air-france-klm-drops-as-operational-challenges-weigh-on-q1-performance","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=5147","title":{"rendered":"Air France-KLM drops as operational challenges weigh on Q1 performance"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The logo of airline company Air France is seen inside the Terminal 2 at Paris Charles de Gaulle airport in Roissy-en-France near Paris, France, December 2, 2021. REUTERS\/Sarah Meyssonnier\/File Photo<\/span>
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By Federica Mileo<\/p>\n

(Reuters) – Air France-KLM on Friday reported a steeper than expected operating loss for the first quarter and trimmed its capacity outlook for 2023 despite strong summer bookings, dragging its shares 4% lower.<\/p>\n

“The first quarter is always a loss-making quarter and we were also hold back by the current operational climate,” finance chief Steven Zaat told analysts in a call.<\/p>\n

Zaat cited air control strikes in France, the grounding of aircrafts for maintenance at low-cost unit Transavia and ongoing staff issues at Amsterdam’s Schiphol airport.<\/p>\n

Since last year, strikes and staff shortages have forced European airlines to cancel thousands of flights to avoid long queues at major airports.<\/p>\n

The group said the impact from French strikes was limited, estimating it below 5 million euros ($5.5 million) at Paris-Charles de Gaulle airport and below 10 million euros at Paris-Orly airport.<\/p>\n

“After two months of experience, we think we can significantly limit those losses even further”, CEO Benjamin Smith said.<\/p>\n

Air France-KLM said did not see an impact from the ongoing cost-of-living crisis, pointing to more than 1.5 billion euros in ticket sales over the first quarter and to strong demand across its network.<\/p>\n

The carrier, however, narrowed its 2023 capacity outlook to around 95%, against its previous estimate for capacity between 95% and 100%, citing some delays on new aircraft deliveries.<\/p>\n

Even though its revenue beat estimates at 6.33 billion euros, boosted by a recover in summer bookings, the group’s operating loss narrowed less than expected to 306 million euros, while the analyst consensus had expected on average a loss of 282 million euros.<\/p>\n

Brokerages saw the results as largely positive, but flagged some weak points.<\/p>\n

Liberum analysts said the first-quarter capacity, at 92% of 2019 levels, was at the lower end of the planned 90-95% range, while ING and JPMorgan (NYSE:) noted weakness at Transavia.<\/p>\n

($1 = 0.9083 euros)<\/p>\n

($1 = 0.9083 euros) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The logo of airline company Air France is seen inside the Terminal 2 at Paris Charles de Gaulle airport in Roissy-en-France near Paris, France, December 2, 2021. REUTERS\/Sarah Meyssonnier\/File Photo By Federica Mileo (Reuters) – Air France-KLM on Friday reported a steeper than expected operating loss for the first quarter and […]<\/p>\n","protected":false},"author":1,"featured_media":4388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-5147","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nAir France-KLM drops as operational challenges weigh on Q1 performance | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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