Air France-KLM posted an €809m net loss for 2011 in what the company acknowledged was a “tough year” for the carrier squeezed by volatile fuel prices, political upheaval and a struggling global economy.
The Franco-Dutch airline said today that it posted a 4.5% increase in revenue to €24.7bn, but that increase was not enough to offset the high cost of jet fuel.
A string of uprisings in the Middle East over the past year have pushed crude prices higher.
The company said the Arab Spring also wreaked havoc on its business, and in its core European market, the debt crisis pummelled the real economy.
In January, the company unveiled a turnaround plan that includes freezing wages at Air France, reducing its fleet size and improving productivity.