Passenger revenues down 18.7%
The Air France-KLM group has blamed a sharp drop in its first quarter revenues on a deteriorating economic environment.
The Group reported a €5.2bn in revenues in the three months to June, a 20.5% decline year-on-year.
Revenues from passenger operations dropped 18.7% to €4bn after capacity was cut 4.7% compared to the same period last year.
AF-KLM said its cargo revenue had been the worst hit in the economic downturn with revenues down 41.5% to €544m.
"The Group's revenues reflect a continuation of the trend of the quarter January-March 2009, in line with our expectations," the Group said.
It went on to forecast a "more limited deterioration" in the coming quarter and stability in the last half of the financial year.
The Group said it expects a "slight improvement" at the end of the financial year compared with the second half 2008.
AF-KLM will publish its full financial report for the first quarter on July 30.