AFRAF - Air France-KLM savors recovering air travel which boosts Q3 revenue
- Air France-KLM ( OTCPK:AFRAF ) on Friday reported Q3 revenue that surged 78% and posted profit from a year ago loss as air travel rose during the quarter.
- Q3 revenue €8.1B vs €4.6B, helped by higher capacity, load factor. Net income for the group was €464M compared to a loss of €195M.
- Key airline metrics: Q3 load factor 88.3% vs 64.8%, passengers carried 25M vs 16.9M, capacity (available seat kilometers) increased by 29.1% and traffic increased by 70.7% from a year ago.
- Expects operating result to be above €900M for 2022. Full year capex spending ~€2.3B, which is 80% fleet & fleet related and 20% IT & Ground related.
- Expects passenger activity at an index of ~85% for Q4, ~80% for 2022 and ~90% for 2023.
- "The Group posted a strong operating result in spite of rising fuel costs and inflation, and the Group remains confident in its ability to further increase capacity during the Winter season." - CEO Benjamin Smith
- AFRAF lost nearly two-thirds of its value YTD on OTC markets.
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Air France-KLM savors recovering air travel which boosts Q3 revenue