- Nepal dam-building spree powers electric vehicle boom
- More than 60 dead from storm Helene as rescue, cleanup efforts grow
- Dozens missing, 9 dead in migrant boat wreck off Spanish Canaries
- Death toll from Hurricane John hits eight in Mexico
- Storm Helene's toll rises as rescue and cleanup efforts gain pace
- SpaceX launches mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding as cleanup begins
- SpaceX set to launch mission to return stranded astronauts
- Storm Helene kills 44, threatens more 'catastrophic' flooding
- Boeing strike grinds on as latest talks fail to reach agreement
- Iran 'news' sites, hackers target Trump ahead of US election
- US ports brace for potential dockworkers strike
- Japan's speedy, spotless Shinkansen bullet trains turn 60
- US hurricane deaths rise to 44, fears of more 'catastrophic' flooding
- Global stocks mostly rise, cheering Beijing stimulus
- Europe en route for Moon with new simulator, says astronaut Pesquet
- Fireworks forecast if comet survives risky Sun flypast
- Argentina judge orders dictionary to delete pejorative definition of 'Jewish'
- Global stocks rise on rate hopes, Beijing stimulus
- S.African woman turns 118, among the oldest in the world
- UK clears $4 bn AI partnership between Amazon, Anthropic
- Barca fans barred from Champions League away game over racist banner
- Chinese stocks extend surge, Europe higher on Beijing stimulus
- Pope says Church must 'seek forgiveness' for child sexual abuse
- China caps week of 'bazooka' stimulus for ailing economy with rate cut
- Cuts, cash, credit: China bids to jumpstart flagging economy
- France's debt weighs heavier ahead of budget debate
- Iran treads carefully, backing Hezbollah while avoiding war
- Return to sender: waste stranded at sea stirs toxic dispute
- 'Broken' news industry faces uncertain future
- On remote Greek island, migratory birds offer climate clues
- Taken from mother by nuns, victim seeks answers as pope visits Belgium
- China cuts amount banks hold in reserve to boost lending
- Hong Kong, Shanghai extend surge as China optimism boosts markets
- Vietnam president reiterates support for Cuba during official visit
- Drought reduces Amazon River in Colombia by as much as 90%: report
- Stay or go? Pacific Islanders face climate's grim choice
- Florida bracing for 'unsurvivable' Hurricane Helene
- Poverty rises to over 52 percent in Milei's Argentina
- Chloe's see-through look may not be for Kamala Harris
- Champagne houses abuzz over English sparkling wine
- Macron, Trudeau pledge to work for 'decarbonized' economies
- Hurricanes, storms, typhoons... Is September wetter than usual?
- China stimulus, tech optimism boost stock markets
- 'Unsurvivable' Hurricane Helene races towards Florida
- Macron meets Trudeau in Canada as both face political setbacks
- South Korea surges in UN innovation index
- Chloe's see-through look may not be for Kamala
- Floods threaten Niger's historic 'gateway to the desert'
- China economy hopes boost global equities
Air France-KLM slashes losses by half in 2021
French-Dutch aviation giant Air France-KLM on Thursday said its net loss narrowed by more than half last year but would need more capital strengthening measures due to the pandemic.
The airline's losses totalled 3.3 billion euros ($3.8 billion) last year.
It said the capital strengthening measures could amount to some 4.0 billion euros and acknowledged that the Omicron Covid-19 variant had hampered positive trends after a good start to the fourth quarter.
"This new step in the recapitalisation plan measures intends to further restore the equity position," it said.
The company said it would not be giving guidance for 2022 due to the uncertainty over the pandemic and over when Japan and China would fully reopen to travel.
"After a good start of the fourth quarter and the reopening of the United States early November, the rise of the Omicron variant hampered in December the continuous increase in load factors for the medium haul and domestic traffic," it said.
Omicron also led to a spate of flight cancellations through January after a better than expected 4th quarter showing which brought operating profits of 178 million euros for that period -- better than the corresponding period of 2019 before the health crisis hit.
Despite the final quarter chink of light and the cutting back of losses compared with 2020's 7.1 billion euros, the carrier's net debt remains high, at 8.2 billion euros.
The Delta virus variant seriously undermined the first half of 2021 to the extent that full-year sales came in at a disappointing 14.3 billion euros -- 29 percent better than 2020 but down a massive 47.5 percent on a year earlier.
Group director general Benjamin Smith saw the final quarter take-off as representing "a turning point" but warned that "the crisis is not yet over" with the Omicron virus variant having further buffeted the industry.
The airline has drastically slimmed down personnel in the face of the crisis with Air France cutting 8,500 posts and KLM 5,500.
The group underpinned its faith in an eventual long-term upturn notably by ordering in December 100 Airbus A320neo medium-haul jets -- with purchase rights for an additional 60.
- Second recapitalisation -
For the first half of the current year Air France-KLM will provide seat capacity of between 73 and 78 percent of 2019 levels and by 2024 expects a return to pre-pandemic levels, notwithstanding the further headwinds of strongly rising oil prices, on which it has hedged purchases in advance.
As it looks to pare down debt Air France-KLM said it was ready to launch a second round of recapitalisation, following a first last April, to the tune of as much as four billion euros.
That would likely prioritise current stakeholders who include, with a 28.6 percent stake, the French state.
Air France-KLM indicated that both the French and Dutch states could participate on a prorata basis. The Dutch stake is 9.3 percent.
France put four billion euros on the table for the first round of recapitalisation -- though any state injections will come under European Commission scrutiny.
Y.Uduike--CPN