The Air France KLM Group has reported a profit of €613 million ($873.5 million) for the fiscal year ended 31 March 2011, reversing a €1.6 billion deficit in the fiscal 2009-10. The group acknowledged a ''more favourable economic environment'' and its own cost-cutting measures for the turnaround.
Full-year revenue was up 12.5%, at €23.61 billion, as were operating costs, at 5.4% to €23.49 billion. Operating result was €122 million, reversing a €1.29 billion loss in the prior year.
''We have seen a contrasted year, with on the one hand a more favourable economic environment, but on the other a number of exceptional events affecting our operations,'' said CEO Pierre-Henri Gourgeon.
''Nevertheless, the strategic actions launched last year enabled us to return to profit in spite of a €1 billion rise in our fuel bill and the impact of the various crises.''
For its fiscal fourth-quarter ended 31 March, AF-KLM reported a €367 million net loss, narrowed from a €691 million deficit in the year-ago period. The quarter was affected by the earthquake in Japan and political crises in the Middle East and Africa.
Fourth-quarter revenue was up 6%, to €5.33 billion even as operating loss was pared marginally, to €403 million, from €497 million in the year-ago quarter.