Air France-KLM beats earnings forecasts as summer bookings take off

Air France-KLM posted a Q1 core profit that landed ahead of its own forecasts, fuelled by a recovery in ticket sales and lower unit costs, the Franco-Dutch airline group said on Thursday. CEO Benjamin Smith said the “recovery is here” amid strong forward bookings. “This paves the way for a successful summer season,” he said. The company flagged strong demand trends in March, despite the continued impact of COVID-19 and a short slowdown after Russia launched its invasion of Ukraine in late February. The conflict has destabilised global oil prices and caused airlines to suspend flights and plan longer routes to avoid Russian and Ukrainian airspace, but hedging fuel costs and fare hikes helped Air France-KLM soften the hit to its earnings. The company posted a third straight quarter of positive earnings before interest, taxes, depreciation and amortization, reaching E221m compared to the E628m loss it recorded last year.<br/>