Source: FT
"Air France-KLM is cutting capital investment in the face of the growing uncertainties in the global economy. Over the next two years, it will reduce capital spending by €1.4bn ($1.8bn) as the airline tries to prioritise saving cash over buying new aircraft. The move means Europe's biggest airline will postpone taking delivery of new fuel-efficient aircraft and will, instead, continue flying older, less-efficient models. It underlines the growing threat to the order books of Boeing and Airbus, the world's duopoly makers of big jets. The Air France-KLM share price has fallen 60 per cent since the beginning of the year." Next.
Source: Aviation Week
"Air France-KLM Slows Fleet Replacement"
"Air France-KLM will curtail capital expenditures in the coming years to avoid straining its balance sheet at a time of difficult economic conditions for the air transport industry.The airline group had already signaled it was reviewing plans, and now says EUR1.6 billion in planned outlays between now and the end of its 2010/11 fiscal year will be cut. The bulk of those cuts comes from not fielding new aircraft and keeping older assets in the fleet, says Philippe Calavia, the group's chief financial officer." next.
Source: Aviation Week
"Air France-KLM Slows Fleet Replacement"
"Air France-KLM will curtail capital expenditures in the coming years to avoid straining its balance sheet at a time of difficult economic conditions for the air transport industry.The airline group had already signaled it was reviewing plans, and now says EUR1.6 billion in planned outlays between now and the end of its 2010/11 fiscal year will be cut. The bulk of those cuts comes from not fielding new aircraft and keeping older assets in the fleet, says Philippe Calavia, the group's chief financial officer." next.
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