The French-Dutch airline Air France-KLM reports an unexpectedly large net loss of 256 million euros for the fourth quarter of 2023. This compares with a profit of 496 million euros in the corresponding period a year earlier.

Sales rose 3.9 percent to 7.4 billion euros in the quarter, but results were weighed down by higher costs, increased geopolitical tension that is restricting flight routes and weak demand for cargo flights.

IAG, which owns competitor British Airways, also reported a more than doubling of its profit in the fourth quarter, to a net profit of 504 million euros – up from 232 million euros a year earlier.

IAG's turnover rose to €7.2 billion.

Air France-KLM is included as a new major owner in the constellation of investors that is about to take over the crisis-stricken and loss-making Swedish-Danish airline SAS.

Source: TT