KLM FISCAL FIRST-HALF EARNINGS PLUNGE
KLM Royal Dutch Airlines said its fiscal second-half net income plunged 77.1 percent to 27 million euro ($24 million), due to the deteriorating economic climate and the after affects of the Sept. 11 terror attacks.
KLM said the aftermath of the Sept. 11 tragedy had a 50-million-euro ($45 million) impact on the company's operating income for the quarter ended Sept. 30. Operating income was euro 83 million ($75 million), compared to euro 201 million for the year-earlier period. Group operating revenues for the quarter were euro 1.86 billion ($1.67 billion), down 3 percent.
KLM's cargo operating revenues decreased 8 percent to euro 239 million ($215 million). Cargo traffic decreased 7 percent while capacity levels improved 2 percent. Cargo load factor fell 6.0 percentage points to 65.8 percent, while yield increased 1 percent.
For the first half of 2001, net income fell 72 percent to euro 46 million ($41 million). Operating income was euro 106 million ($95 million), compared to euro 301 million for the first half of 2000. Operating revenue was euro 3.57 billion ($3.21 billion), down 2 percent.
The airline said it anticipates a significant operating loss for the year, the extent of which will be partially determined by the extend and nature of government aid provided to European carriers.