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KLM triples net loss for fiscal year 2002/2003.
(From Agence France Presse)
Dutch carrier KLM said its net loss for fiscal year 2002/2003 almost tripled to 416 million euros (471 million dollars) and blamed the global economic downturn, the SARS outbreak and the war in Iraq.
The company also warned Thursday that it did not expect a rapid improvement in market conditions.
"On the basis of current economic conditions and uncertainties surrounding the SARS virus KLM does not anticipate a short-term improvement in the operating environment," KLM said in its outlook.
The Dutch carrier announced it would take more measures "aimed at a structural reduction of its cost levels" and short term …
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