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2 AUGUST 2010
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AIR FRANCE/KLM, BRITISH AIRWAYS and LUFTHANSA all announced their second quarter financial results last week with some marked differences regarding the bottom line. Every European carrier was affected by the ash problem but clearly BA would always come in with the worst figures due to both loss of customer confidence and flights owing to the continuing cabin staff problems. Loss before tax was £164m (2009: -£148m). Passenger revenue was down 3.4% with a loss of capacity 11.2%. BA says without the disruption during the period, passenger revenue would have increased by some 11% year-on-year. By contrast AF Group posted a net profit of €736m for the first quarter ended June 30, reversed from a €426m loss from the same three months a year ago, although this did include the sale of assets. Lufthansa’s results are much more complex with it suffering from the losses incurred by recent acquisitions Austrian Airlines and bmi. However the mainline operations seem to be doing well with a second quarter net profit of €94m. www.airfrance.com www.ba.com www.lufthansa.com
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