KLM plans changes to lower costs, improve operating results [Yahoo! Finance]
AIR FRANCE-KLM ADS (AFLYY)
NASDAQ:AMEX Investor Relations:
airfranceklm.com/en/contacting-investor-relations-department
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Source: Yahoo! Finance
The measures would include increasing productivity, simplifying the organisation, cutting costs, and deferring or postponing investments. The company said KLM is suffering from high costs and shortages of staff and equipment. Through the changes, KLM aims to improve operating results by €450 million ($496 million). In line with Air France-KLM's group ambition, this should lead to a structural profit margin above 8 percent by 2026-2028. The list of measures include, the use of automation and mechanization to improve labor productivity by at least 5% by 2025, measures to resolve the impact of the pilot shortage, introduction of new products on board, and others. The company added that trials are underway with an expanded catering offer and optimization of aircraft layout, aimed at increasing revenues by at least 100 million euros a year. The measures also aim to curtail the rising cost of equipment, staff, and airport fees. Furthermore, KLM is engaged in an extensive fleet
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