Dow Jones Newswires: Air France-KLM swings to a profit on record revenue as air travel demand surges

by | Feb 17, 2023 | Stock Market

Air France-KLM will continue to invest in new-generation aircraft after swinging to a profit and booking record revenue in the fourth quarter amid a surge in demand for air travel after years of restrictions and border closures. The Franco-Dutch carrier group
on Friday posted a net profit of 496 million euros ($529.3 million) compared with a EUR126 million loss in the fourth quarter of 2021. For the year, the company reported a profit of EUR728 million compared with a EUR3.29 billion loss in 2021.

“In spite of the Omicron strain, the war in Ukraine, the inflationary situation and the operational disruptions at major international airports last summer, our group and its airlines were able to successfully capture a strong demand for travel,” Chief Executive Benjamin Smith said. The company added one aircraft to its long-haul fleet last year. It also phased out old-generation aircraft, reducing its medium-haul fleet by seven aircraft and its regional fleet by nine. The group said it would continue to invest in new-generation aircraft this year and beyond. Travel restrictions and border closures brought international traffic to a near standstill at the height of the …

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