KLM 3RD-QUARTER LOSS UP
KLM Royal Dutch Airlines reported a net loss of 39 million guilders ($17.28 million)' for the third quarter, ending Dec. 31.
The airline said soaring fuel costs were responsible for worse results than analysts predicted. The airline said it plans a 'substantial' cost reduction program, which it will provide details for at the end of the fiscal year.
Operating revenues increased 8 percent to 3.4 billion guilders ($1.51 billion), mainly due to a 6-percent increase in traffic. Operating expenses climbed 11 percent, with fuel being the single-largest expense, up 117 million guilders, or 41 percent. KLM reported an operating loss of 67 million guilders ($29.7 million), compared to an operating profit of 22 million a year earlier.
The third-quarter results include a book profit of 83 million guilders as a result of the sale of part of KLM's holdings in Equant.
KLM 3RD-QUARTER LOSS UP
