Air France-KLM says people avoided Paris during the Olympic Games — and that was bad news for the airline group [Business Insider]
AIR FRANCE-KLM ADS (AFLYY)
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Source: Business Insider
People avoided flying to or from Paris during the Games, the group said. Air France-KLM blamed reduced travel to Paris during the Olympic Games as it reported third-quarter earnings below analysts' expectations on Wednesday. The group, consisting of the French and Dutch flag carriers and budget airline Transavia, reported an operating profit of 1.18 billion euros ($1.27 billion). That was below the consensus analyst estimate of 1.24 billion euros and 162 million euros lower than the same period last year. Air France-KLM said it lost 160 million euros in revenue as a result of this summer's Paris Olympics. Its stock fell almost 12% on Thursday morning and has declined 41% this year, valuing the company at about 2 billion euros. The airline group said that during the games, "international markets showed a significant avoidance of Paris ," while French residents "postponed their holidays." It previously warned of this impact in July, saying travel to and from Paris was "la
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