PARIS: A wave of strikes battered earnings at Air France-KLM in the second quarter, but higher passenger numbers meant the group stayed in the black, it said Wednesday.
The Franco-Dutch company estimated the cost of the 15 days of strikes between February and June at €335 million ($391 million).
The bitter dispute over salaries led to the resignation in May of CEO Jean-Marc Janaillac.
The group reported net profits of €109 million for the period of April to June. That was down sharply from €593 million for the same period last year, although that figure was boosted by new accounting rules.
In just the second quarter, the impact of the strikes was estimated at around €260 million.
Passengers numbers edged up 0.8 percent to 26 million. It also benefited from improved unit revenue, which allowed it to maintain net sales stable at €6.6 billion.
Janaillac had gambled his job on calling a vote among Air France staff on whether to accept a seven percent pay rise over four years, saying he would quit if it was rejected.
He announced his resignation on May 4 after 55.44 percent voted against the deal.
Janaillac’s successor is expected to be named in September.
Strikes buffet profits at Air France-KLM
Strikes buffet profits at Air France-KLM
Closing Bell: Saudi main index closes in red at 10,414
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Wednesday, shedding 38.85 points, or 0.37 percent, to finish at 10,414.06.
Total trading turnover on the benchmark index reached SR3.46 billion ($920 million), with 123 stocks advancing and 134 declining.
The Kingdom’s parallel market Nomu also shed 41.61 points, or 0.18 percent, to close at 23,428.67.
The MSCI Tadawul Index edged down 0.45 percent to 1,368.36.
Arabian Drilling Co. was the best-performing stock on the main market, with its share price rising 6.8 percent to SR102.90.
Naqi Water Co. gained 4.30 percent to SR58.25, while Saudi Ground Services Co. advanced 3.78 percent to SR38.42.
Tihama Advertising, Public Relations and Marketing Co. saw its share price fall 4.95 percent to SR16.31.
AlAhli REIT Fund 1 also declined 3.53 percent to SR6.29.
On the announcements front, United Mining Industries Co., listed on the parallel market, said it has begun commercial production of gypsum board at its plant in Yanbu.
In a Tadawul statement, the company said the financial impact of the project’s commercial production will be reflected in the first quarter of 2026.
United Mining Industries Co.’s share price was unchanged, closing at SR42.54.
Dkhoun National Trading Co. said its shareholders approved the board’s recommendation to distribute interim dividends on a semi-annual or quarterly basis for 2025.
According to a Tadawul statement, shareholders also approved transferring the balance of the company’s statutory reserve, valued at SR2.43 million, to retained earnings.
Dkhoun National Trading Co.’s shares saw no trades and closed at SR65.
