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More cargo red ink for Air France KLM

PARIS/AMSTERDAM: The Air France KLM Group reported cargo revenue of €625 million for Q1 ending March 31, 2015 – a drop of 7.5 percent over the same period last year. As a result, the business segment saw its operating result worsen from minus €34 million to minus €63 million compared to Q1 2014.

The company said freighter capacity was reduced 9.6 percent during the quarter in response to what it described as "weak global trade and structural air cargo industry overcapacity". Despite an increase of 1.2 percent in belly space, revenue per tonne-kilometer fell 11.3 percent overall compared to the same period last year.

klm cargo 1The group reported a €58 million EBITDA improvement in its passenger business for Q1 to produce a loss of only €8 million while cargo saw equivalent losses rise from minus €18 million to minus €48 million.

Transavia, now reported as a separate business unit, also saw an increase in losses – from minus €51 million to minus €58 million during the quarter. The only major revenue earner was the group's maintenance business that saw EBITDA grow from €76 million to €85 million.

Q1 group net losses declines from minus €608 million to minus €559 million compared to the same period last year while net debt stood at €5.28 billion. The company said it expects that figure to fall to "around" €4.4 billion by the end of 2015.

In a related announcement, Atlas Air Worldwide Holdings reported a jump in Q1 net profit from US$7.9 million to US$29.2 million on revenue of US$444.8 million – up from US$403.3 million in the same period last year.

"We are off to a very good start in 2015 and look forward to a strong year," said William Flynn, president and CEO. "As a result, we now expect our full-year results to increase significantly compared with 2014."

Noting "good airfreight demand" in Q2 with global airfreight demand growing 4.0 to 5.0 percent by the end of 2015, Flynn added: "We are confident about the outlook for 2015, and we are well-prepared to leverage our competencies and market leadership this year and beyond."

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