Air Transport World

KLM.(Europe report)(Brief Article)

KLM posted a better-than-expected net profit of 24 million [euro] ($29 million) for the March 31 financial year, its last as an independent airline and much improved over a net loss of 416 million [euro] in FY03. Annual revenues fell 9% to 5.88 billion [euro] while operating expenses dropped 19% to 5.76 billion [euro]. Operating profit swung to 120 million [euro] from an operating loss of 484 million last year. CEO Leo van Wijk described the results as % great achievement" and credited the ongoing restructuring program that realized structural cost savings of 200 million [euro] by the end of March, including cutting the equivalent of about 3,100 full-time jobs. …

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