Airlines report losses

AIR FRANCE-KLM, BRITISH AIRWAYS AND LUFTHANSA have all reported massive financial year loses, underling the very serious fiscal conditions of the heritage carriers.  The AF/KLM figures for the 12 months to the end of March is €1.56bn (US$1.93bn) show a net loss of nearly double last year’s deficit.  BA’s for the same period is £531m, its biggest shortfall since privatisation in 1987 and brings the two-year figure close to one billion pounds sterling.  The German carrier had reported a first quarter with a loss of €298m, which includes bmi.  The continuing Iceland ash problems and, in the case of BA and Lufthansa trade union difficulties, will gravely effect the balance sheet for 2010.  Pierre-Henri Gourgeon, CEO Air France, summed it all up with a quote from this side of the water  “2009-10 will go on record as our ‘annus horribilis’,” adding that on top of the downturn the airline had to deal with the crash into the Atlantic of one of its aircraft in June, which killed all 228 people on board.

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