By Laurence Frost, Reuters News
Air-France-KLM warned on Thursday of more pain to come for the Franco-Dutch airline group on renewed COVID-19 lockdowns, as the fallout from the pandemic pushed it to an annual 7.1 billion euro ($8.5 billion) net loss.
The group expects to fly at 40% of pre-crisis capacity in the first quarter and warned of a deeper hit to earnings before interest, taxes, depreciation and amortization (EBITDA) than its 407 million-euro loss in the last three months of 2020.
The past year has “tested the Air France-KLM Group with the most severe crisis ever experienced by the air transport industry,” Chief Executive Ben Smith said as the group also deferred a key mid-term profitabilty goal.
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