KLM trebles operating income
KLM Royal Dutch Airlines reported operating income of EUR 277 million for the fiscal year ending on March 31, 2001, almost three times as much as the EUR 95 million it posted in previous year. Operating revenues were up by 11% from EUR 6.296 billion to EUR 6.960 billion. Net income excluding extraordinary items came EUR 77 million, compared with EUR 3 million a year ago.
“Fiscal 2000/01 was an extraordinary year,” wrote the board of directors in its report. “The termination and unwinding of the joint venture-based alliance with Alitalia, the subsequent merger negotiations with British Airways and the introduction of a major cost-containment program all at the same time made for trying circumstances.”