Air France-KLM’s cargo division is facing a “drastic and substantial re-organization” after posting a €222 million ($291 million) full-year operating loss, compared to a €60 million loss in 2011.
“This result cannot be satisfactory. It requires drastic and substantial reorganization steps,” Air France-KLM chairman and CEO Jean-Cyril Spinetta said at the release of the group’s2012 financial results. Spinetta detailed plans to slash the division’s losses by €140 million, although he added: “This is not an Air France-KLM crisis. This is a crisis for all cargo leaders around the globe.”
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