Sunday, August 14, 2022
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business

Air France-KLM slashed losses by half in 2021

AFPbyAFP
February 18, 2022, 7:45 pm
in Business, Transport & Tourism
Reading Time: 3 mins read
A A
105
SHARES
Share on FacebookShare on TwitterShare on Email

Paris, France—French-Dutch aviation giant Air France-KLM on Thursday said its net loss narrowed by more than half last year but would need more capital strengthening measures due to the pandemic.

The airline’s losses totaled 3.3 billion euros ($3.8 billion) last year. 

It said the capital strengthening measures could amount to some 4.0 billion euros and acknowledged that the Omicron COVID-19 variant had hampered positive trends after a good start to the fourth quarter.

“This new step in the recapitalization plan measures intends to further restore the equity position,” it said.

The company said it would not be giving guidance for 2022 due to the uncertainty over the pandemic and over when Japan and China would fully reopen to travel.

ADVERTISEMENT

“After a good start of the fourth quarter and the reopening of the United States early November, the rise of the Omicron variant hampered in December the continuous increase in load factors for the medium haul and domestic traffic,” it said.

Omicron also led to a spate of flight cancellations through January after a better than expected 4th quarter showing which brought operating profits of 178 million euros for that period—better than the corresponding period of 2019 before the health crisis hit.

Despite the final quarter chink of light and the cutting back of losses compared with 2020’s 7.1 billion euros, the carrier’s net debt remains high, at 8.2 billion euros.

The Delta virus variant seriously undermined the first half of 2021 to the extent that full-year sales came in at a disappointing 14.3 billion euros—29 percent better than 2020 but down a massive 47.5 percent on a year earlier.

Group director general Benjamin Smith saw the final quarter take-off as representing “a turning point” but warned that “the crisis is not yet over” with the Omicron virus variant having further buffeted the industry.

The airline has drastically slimmed down personnel in the face of the crisis with Air France cutting 8,500 posts and KLM 5,500.

The group underpinned its faith in an eventual long-term upturn notably by ordering in December 100 Airbus A320neo medium-haul jets—with purchase rights for an additional 60.

For the first half of the current year Air France-KLM will provide seat capacity of between 73 and 78 percent of 2019 levels and by 2024 expects a return to pre-pandemic levels, notwithstanding the further headwinds of strongly rising oil prices, on which it has hedged purchases in advance.

As it looks to pare down debt Air France-KLM said it was ready to launch a second round of  recapitalization, following a first last April, to the tune of as much as four billion euros. 

That would likely prioritize current stakeholders who include, with a 28.6 percent stake, the French state.

Air France-KLM indicated that both the French and Dutch states could participate on a prorata basis. The Dutch stake is 9.3 percent.

Tags: Air France-KLMCOVID-19 pandemicnet lossOmicron variant
ADVERTISEMENT
AFP

AFP

Related Posts

SPEC PROPERTIES INC.: Notice of Meeting

byManila Standard
August 14, 2022, 7:30 am
0
138
Banaag assumes post as Bright Kindle director

Read more

WESTERN PANAY HYDROPOWER CORPORATION: Notice of Meeting

byManila Standard
August 14, 2022, 7:00 am
0
133
Banaag assumes post as Bright Kindle director

Read more

SII PROPERTIES & DEVELOPMENT CORPORATION

byManila Standard
August 14, 2022, 6:30 am
0
146
Banaag assumes post as Bright Kindle director

Read more

SALCON PHILIPPINES INC.: Notice of Meeting

byManila Standard
August 14, 2022, 6:00 am
0
156
Banaag assumes post as Bright Kindle director

Read more

Mondelēz names first Filipina country lead

byOthel V. Campos
August 13, 2022, 7:20 pm
0
183
Spanish startup to open more laundry hubs in PH

Snacks giant Mondelēz International announced the appointment of Aleli Arcilla as the new vice president and managing director of Mondelez...

Read more

Aboitiz CEO joins council for inclusive capitalism

byManila Standard Business
August 13, 2022, 7:10 pm
0
163
Spanish startup to open more laundry hubs in PH

Aboitiz Group president and chief executive Sabin Aboitiz accepted an invitation to become a steward of the Council for Inclusive...

Read more

Stories you may like

  • People …are talking about Liza Soberano

    Supermodel son is Philippine bet in Manhunt International

    8603 shares
    Share 3441 Tweet 2151
  • Another oil price rollback likely as world economy further stalls

    1276 shares
    Share 510 Tweet 319
  • Judgments and their execution

    1267 shares
    Share 507 Tweet 317
  • Appeal to BBM and Acuzar

    942 shares
    Share 377 Tweet 236
  • Basilan solon wants barangay, SK polls reset to May 2024 to save P8b for gov’t

    928 shares
    Share 371 Tweet 232

Print Edition

View More

Recent Posts

  • Sneakers for Makati : AB4.0
  • Australian police say man detained over shots at Canberra airport
  • Ukraine, Russia accuse each other of nuclear plant strikes
  • Luck decides life and death in Ukraine’s war zone
  • Farming under fire on the frontlines in eastern Ukraine
  • Trump vs Biden again? The documents scandal makes it more likely
  • Beijing’s pet lovers turn to acupuncture to treat their furry friends
  • Gaming industry feels squeeze after pandemic boom

Advertisement

Latest News

Trump vs Biden again? The documents scandal makes it more likely

byAFP
August 14, 2022, 10:30 am
0
150
Trump vs Biden again? The documents scandal makes it more likely

If you think you've seen this movie before, it's because you have—except the second time will be even more nerve-racking....

Read more

Beijing’s pet lovers turn to acupuncture to treat their furry friends

byAFP
August 14, 2022, 10:00 am
0
140
Beijing’s pet lovers turn to acupuncture to treat their furry friends

Strapped in tight, the prone poodle nervously eyes the vet as he gently sticks fine needles into its back and...

Read more

Gaming industry feels squeeze after pandemic boom

byAFP
August 14, 2022, 9:30 am
0
137
Southwoods nails Seniors’ Fil golf crown

In the height of the pandemic, video games offered people solace in isolation. But now that life is slowly returning...

Read more

North Korea criticises UN chief over denuclearisation call

byAFP
August 14, 2022, 9:00 am
0
141
UN chief discusses Jerusalem tensions with Israeli, Palestinian leaders

North Korea on Sunday criticised UN Secretary-General Antonio Guterres for his "dangerous words" after he called for the complete and...

Read more

Seven injured, two seriously, in attack on Jerusalem bus: police, medics

byAFP
August 14, 2022, 8:30 am
0
140
Seven injured, two seriously, in attack on Jerusalem bus: police, medics

Seven people were injured, two of them critically, after a shooting attack on a bus in Jerusalem's Old City, Israeli...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App