Dutch Airline KLM to Postpone Investments in Cost-Cutting Push [BNN Bloomberg (Canada)]
AIR FRANCE-KLM ADS (AFLYY)
NASDAQ:AMEX Investor Relations:
airfranceklm.com/en/contacting-investor-relations-department
Company Research
Source: BNN Bloomberg
The Air France-KLM unit expects the measures to improve its operating result by €450 million ($497 million) in the short term, which will lead to a profit margin of over 8% in 2026-2028, it said in a statement on Thursday. “KLM is suffering from high costs and shortages of employees and equipment,” KLM's Chief Executive Officer Marjan Rintel said in the statement. “Our planes are full, but our capacity is still not back to pre-corona levels,” she said. The airline said it will operate fewer flights due to a shortage of technicians and supply problems of parts. It is taking measures to reduce the number of cancellations and may examine partly outsourcing maintenance. KLM is also exploring divesting or terminating activities that “do not directly contribute to the operation of flights,” it said. ©2024 Bloomberg L.P.
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