World Economy

Air France Strike Cost $632m

Air France Strike Cost $632mAir France Strike Cost $632m

Air France put the total cost of last month’s two-week pilots strike at 500 million euros ($632m) on Wednesday, wiping more than a fifth off its parent group’s estimated full-year core profit. Air France-KLM, Europe’s second-biggest network carrier by revenue, had already revised down its target for 2014 earnings before interest, tax, depreciation and amortization in July from 2.5 billion euros to between 2.2 and 2.3b. Air France-KLM said total passenger traffic fell 15.9 percent in September, adding that bookings for the fourth quarter were down by between 1 and 2 percentage points.