SkyTeam main players post big losses

 

Air France-KLM, the Franco-Dutch airline, the major players in the SkyTeam Alliance, says it made a big loss in 2012 blaming sharply rising fuel costs and trouble with its cargo business.

 

Net losses increased 47% to 1.19bn euros (£1bn; $1.57bn), after a 471m-euro restructuring charge and a 890m-euro increase in its fuel bill. But operating losses fell to 300m euros, from 353m euros the year before.

 

Revenues rose 5.2% to 25.6bn euros, thanks in part to increased prices on its North Atlantic routes.

 

Debt fell from 6.51bn to 5.97bn euros after sell-offs and spending cuts - the company plans to reduce its net debt by 2bn euros by the end of 2014.

 

For more read: http://www.bbc.co.uk/news/business-21544331