Air France-KLM expects the coronavirus outbreak to wipe 150 million to 200 milli...
) expects the coronavirus outbreak to wipe 150 million to 200 million euros off earnings by April, assuming China flights remain suspended until then, the Franco-Dutch airline group said on Thursday.
Like many global airlines, Air France-KLM has canceled mainland China flights through March, basing its impact estimate on the assumption they resume progressively after that. After “significantly positive” January unit revenue growth, the CFO said, “that all changed quite brutally” as the travel lockdown led Air France-KLM to forecast a decline for the first quarter. Mainland China flights accounted for 5.5% of the group’s network traffic in 2019.
Analysts had expected operating income of 1.1 billion euros on 27.38 billion in revenue, based on the median of 19 estimates in the company’s own consensus poll. In the fourth quarter, restructuring of the French domestic network delivered a 7.8% revenue gain for the short-haul business and a 1.5% group unit-cost reduction.
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