Air France-KLM reports euro809 million loss for 2011March 8, 2012 - 17:13 AMT PanARMENIAN.Net - Air France-KLM on Thursday, March 8, reported a euro809 million ($1 billion) loss for 2011, which the struggling carrier called a "tough year" beset by volatile fuel prices, political upheaval and a lackluster global economy. According to The Associated Press, the Franco-Dutch airline said that a 4.5 percent increase in revenue to euro24.7 billion ($32.4 billion) wasn't enough to offset the high cost of jet fuel. A string of uprisings in the Middle East over the past year has pushed oil prices higher. In just the last quarter of the year, the company said its fuel bill jumped 20 percent to euro1.6 billion. The company said the Arab Spring also wreaked havoc on its business, while a tsunami in Japan decimated travel in its most important Asian market. Meanwhile, Europe's debt crisis pummeled the real economy in the airline's core market. The company said its expansion in Latin America helped absorb some losses elsewhere, but not all. As a result, the company posted a net loss of euro809 million for last year. In 2010, its net income was euro289 million. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Turkey extends military presence in Azerbaijan The Turkish parliament has adopted a bill submitted by Recep Tayyip Erdogan to extend the mandate of Turkish troops. Russia to begin assessing migrant workers' speaking skills Rosobrnadzor is planning to change the Russian language exam for migrant workers and include an assessment of speaking skills Armenian, Saudi Foreign Minister meet in Riyadh The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi Arabia Pashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”. |