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COVID-19 Impact: Air France KLM to Park Big Jets, Slash Service by 90 Per Cent

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(Image: Reuters)

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(Image: Reuters)

Air France KLM will floor Air France’s fleet of Airbus 380s and KLM’s Boeing 747 fleets, and in the reduction of flights over the subsequent few days.

  • Reuters
  • Last Updated: March 17, 2020, 10:15 AM IST
  • Edited by: Chhavianshika Singh

Air France KLM will park its largest airliners and slash service by as much as 90 per cent over the subsequent few days in response to the affect of the coronavirus, it mentioned on Monday, sending its shares down 16 per cent in early commerce. It mentioned it had recognized measures to save lots of 200 million euros ($223 million) in 2020 and methods to chop its capital expenditure by 350 million euros. “The deterioration of the environment linked to the epidemic and the sharp reduction in its activity … lead the group to forecast a sharply deteriorated financial trajectory,” it mentioned in an announcement.

The firm mentioned it welcomed latest expressions of assist from governments in France and the Netherlands. Air France KLM mentioned it could in the reduction of flights over the subsequent few days, with the variety of obtainable seat kilometres (ASK) doubtlessly falling by 70-90 per cent. It will floor Air France’s fleet of Airbus 380s and KLM’s Boeing 747 fleets. The group has greater than 6 billion euros in money and money equivalents, it mentioned after each airways drew on two revolving credit score amenities final week.

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