Air Transport World


Chaotic is probably the best word to describe life at the Italian carrier over the past 12 months. Despite a trilateral agreement signed in September to join the new Air France-KLM group, the reality of its desperate financial and social situation brings it closer to bankruptcy than into that consortium. For 2003 it reported a 510.6 million [euro] ($641.3 million) loss before extraordinary items and taxes, nearly double the 2002 loss, while the operating loss tripled the 2002 number. Revenues declined nearly 10%.

And the situation continued to worsen. In the first quarter ended March 31 it chalked up an operating loss of 190 million [euro] compared with a loss of 173 million [euro] in the year-ago period. …

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