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Mixed results for fiscal year at major European airlines' cargo divisions
Cargo divisions at Europe's largest airlines slammed the books on another fiscal year last week with wildly mixed results. While the cargo divisions all showed revenue improvements over last year, thanks in part to the rebounding Asian economy, the passenger divisions' results were troubling.
British Airways recorded its first operating loss since the airline broke from government ownership in 1987. KLM's operating income was sliced in half. Air France, while acknowledging high fuel prices that have plagued airlines worldwide, thumbed its nose at its competitors, stating, "We have had to cope with a very high increase in fuel costs, but thanks to tight control over unit revenue [ldots] we have, unlike our …