Air Transport World

Air France Group.(Europe report)(earnings)(Brief Article)

Air France Group earned 52 million [euro] ($62.1 million) in the fiscal first half ended Sept. 30, down 74.3% compared to net income of 202 million [euro] in the year-ago period. The company attributed the decline to the Iraq war and the SARS outbreak as well as "sluggish economies" in France and other European nations. In response, Chairman Jean-Cyril Spinetta said AF is implementing a new series of contingency measures aimed at saving about 60 million [euro] in the second half in order to meet its target for a slightly positive operating income before aircraft disposals. Additionally, he said the company is working on a new three-year cost-reduction plan that will include the initial effects of synergy between it and KLM, which aims to reduce unit costs by 10%. …

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