Air France-KLM posts record net loss of 1.55 bln euros

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Air France-KLM posted on Wednesday a record net loss of 1.55 billion euros for its 2009-2010 financial year as the Franco-Dutch airline grappled with the global economic crisis and a deadly crash.

Slumping air traffic, particularly for cargo, drove the company to its biggest loss since it was created by the 2004 merger of Air France and KLM and followed a loss of 811 million euros in the previous financial year.

"2009-10 will go on record as our 'annus horribilis'. The global economic crisis had a profound effect on the entire airline industry," said chief executive Pierre-Henri Gourgeon," said in a statement.

"In addition, Air France-KLM had to contend with the tragedy of the Rio-Paris accident of June 1 2009."

© 2010 AFP

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