Air Transport World

KLM.(Europe report)(airline reports second quarter financial results)(Brief Article)

KLM reported a net profit or 89 million [euro] ($105 million) for its fiscal second quarter ended Sept. 30, up 4.7% over last year's earnings of 85 million [euro]. The improvement was owing, however, to nonoperating gains that included the sale of the airline's 9% stake in TUI Nederland. Operating revenues fell 12.3% to 1.62 billion [euro], but KLM managed to reduce its operating expenses 12.7% to 1.49 billion [euro] so operating profit declined only 7.1% to 131 million [euro] from 141 million [euro] in 2002, a fact cited by President and CEO Leo van Wijk as evidence of the success of ongoing cost-cutting initiatives. …

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