Air France-KLM has reported a 21% drop in revenue in the April-June quarter but said it expected an improvement in both passenger and cargo divisions in the current quarter.
The cautiously optimistic outlook compares with a statement in May when the Franco-Dutch airline said it expected little visibility over the second quarter.
The 21% fall took revenues down to €5.19 billion, as the global recession took full hold. Revenue in its passenger business fell 19% to €4.01 billion, on a 5% drop in capacity and a 6% drop in traffic.
Its cargo business remained particularly hurt by the crisis, with revenue plunging 42% to €544 million, with a decline in cargo traffic of 23% and a 17% reduction in capacity.
“We maintain our assumption of a more limited deterioration in the second quarter and stability in the last two quarters, with even a slight improvement at the end of the (fiscal) year compared with the second half 2008-09, itself already impacted by the crisis,” the company said in a statement.
Air France-KLM added that it still plans to release full fiscal first-quarter financial results on July 30, after the close of the French stock market.