Dutch airline KLM plans 'painful' cost-cutting to combat high costs and staff shortages [Yahoo! Finance Canada]
AIR FRANCE-KLM ADS (AFLYY)
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Source: Yahoo! Finance Canada
the carrier's finances as it continues to recover from the COVID pandemic that grounded planes worldwide. CEO Marjan Rintel said KLM, along with many other airlines , “is suffering from high costs and shortages of staff and equipment. Our aircraft are full, but our capacity is still not back to pre-corona levels.” The Dutch carrier is part of the Air France-KLM group that had a 7.1 billion-euro ($8.4 billion) loss in 2020 as the global pandemic grounded planes and halted travel plans worldwide, causing a 67% slump in passenger numbers. KLM said the package of measures is intended to improve its operating result by 450 million euros ($497 million) in the short term. It did not reveal if the changes would lead to staff cuts, but said it aims to “protect jobs across the company as much as possible.” “This is painful for every KLM colleague, but it is necessary, and it has to be done now,” Rintel said in a statement. The cost-cutting will also help clear the way for investments
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