Airlines in the red!

AIR FRANCE, LUFTHANSA AND SINGAPORE AIRLINES have in the last week all announced dramatic drops in their respective financial performance.  AF/KLM and SIA reported for the quarter and LH for the half year, all to the end of June.  Air France's operating loss stood at E244m, excluding the negative impact of fuel hedges of E252m.  The adjusted operating loss was E434m against a profit E256m a year earlier.  In the case of Lufthansa revenues dropped by 16% and operating profits for the first half from E677m to a breakeven result of E8m.  Passenger traffic in the first six months was down by 7%, revenues had fallen by 12% and air freight traffic by 22%.  Premium passenger traffic fell by 15%.  Even Singapore Airlines managed to register its first quarterly deficit since 2003, a S$307.1m ($212.6m) loss that compared to a S$358.6m profit in the fiscal first quarter of 2008-09. www.airfrance.com www.lufthansa.com www.singaporeair.com

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