Franco-Dutch airline Air France-KLM (AFRAF.PK,AFLYY.PK) Friday reported a wider net loss in its 'traditionally difficult' first quarter, despite higher passenger traffic. However, the company confirmed its objectives for full-year 2013, for reduction in unit costs at constant currency and fuel price, as well as reduction in net debt.
In the first quarter, group share net loss widened to 630 million euros or $826 million from 368 million euros in the previous year. On a proforma basis, last year's net loss totaled 379 million euros.
Net loss per share was 2.13 euros, wider than 1.25 euros per share published last year, and a proforma loss per share of 1.28 euros.
The company said it has restated its prior-year results for revised IAS 19 relating to pensions, applicable since January 1, 2013 and backdated to January 1, 2012.
Loss from operating activities was 557 million euros, compared to 516 million euros a year ago.
EBITDAR, a key earnings measure, was 123 million euros in the recent quarter, while the company posted 37 million euros last year. On a proforma basis, last year's EBITDAR was 23 million euros.
Revenues for the quarter grew 1.3 percent to 5.72 billion euros, after a negative currency effect of 0.2 percent. Unit revenue measured in equivalent available seat kilometre or EASK rose 0.5 percent from last year.
Unit costs measured in EASK were down 1.0 percent from last year, and declined 1.7 percent on a constant currency and fuel price basis.
For the first quarter, the passenger activity recorded a 0.8 percent rise in traffic for a capacity increase of 0.2 percent. Load factor gained 0.5 points to 82.1 percent. Unit revenue per available seat kilometre, or RASK, improved 1.2 percent. Passenger revenues grew 1.4 percent to 4.49 billion euros.
The airline said its cargo activity continued to be affected by the economic slowdown and the situation of overcapacity in the industry. Traffic declined 6.9 percent and load factor declined 1.9 points to 63 percent. Cargo revenues fell 5.9 percent from the preceding year.
In Paris, the shares are currently trading at 7.73 euros, down 3.38 percent, on a volume of 1.22 million shares.
In Paris, the shares are currently trading at 7.7 euros, down 3.7 percent, on a volume of 1.57 million shares.
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