Air France Reports First-Half Net Profit.PARIS--(BUSINESS WIRE)--November 20, 1996--The estimated net results of Air France Air France in full Compagnie Internationale Air France French passenger and cargo airline with more than 200 destinations in some 80 countries. It introduced supersonic Concorde service in 1976, but financial loss led the company to cease its Concorde for the first half of the IATA IATA International Air Transport Association, which sets the rules for air transport, including those concerning air transport of animals. fiscal year from April 1 to Sept. 30, 1996 were presented to the airline's board of directors on Nov. 20, 1996. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. this estimate, Air France generated a net profit of FF 802 million, compared with a FF 335 million loss for the year-earlier period (FF 295 million profit prior to the FF 630 million provision for the cabin crew cabin crew cabin n (Aviat) → équipage m voluntary severance scheme). Turnover amounted to FF 21.3 billion, up 5% over the previous year, due to increased passenger and cargo traffic, up 14.8% and 6.7%, respectively. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. went up nearly 30% to FF 1.1 billion and pre-tax profit trebled to FF 650 million. These results were achieved despite a FF 500 million increase in fuel costs over the same period, mainly due to a rise in French-Franc jet fuel prices. Half-way through the year, Air France is FF 250 million ahead of its budget. In spite of rising fuel costs, which will have a stronger impact on the second half-year, Air France is keeping to its target to break even over the full year. It is important to remember that seasonal factors contribute to more favorable first half results, which are not necessarily repeated over the second six months. These results, however, imply continued strict cost-control and the gradual stabilization of yield over the second half-year. Air France also reduced its net financial debt to FF 12.9 billion as of Sept. 30, 1996 from FF 19.2 billion on March 31, 1996. This FF 6.3 billion decrease is considerably higher than the amount of last September's third installment of the French state's capital injection." CONTACT: Air France, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Bruce Haxthausen, 212/830-4482 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion