Air France and KLM misplaced a shocking €7.1 billion in internet earnings amid the worldwide pandemic that grounded worldwide journey.
Passenger numbers in 2020 fell 67%, the French and Dutch airline mentioned in a press release, and income fell 59% in comparison with the earlier yr.
CEO Benjamin Smith mentioned that “2020 examined the Air France-KLM Group with essentially the most extreme disaster ever skilled by the air transport trade.”
Smith mentioned that state help from the French and Dutch governments had helped the corporate considerably.
Nicholas Hirst, chief correspondent for EU Competitors at MLex, a market perception and evaluation organisation, instructed Euronews that governments are dedicated to serving to the businesses get via the disaster.
“Mainly we’re seeing billions and billions of euros in loans, grants and money being handed out to air corporations in Europe, after all this has not being distributed like-for-like in an equal vogue.”
Journey restrictions launched in France and the Netherlands after the Christmas holidays haven’t helped the corporate within the first quarter of 2021.
“We start 2021 wanting ahead that this yr will see an upturn in site visitors as quickly as vaccination is deployed on a big scale and borders as soon as once more reopen,” Smith mentioned.