Air France-KLM : The pricing effect persists and the negotiations make progress
>Decent Q3 driven by firm pricing… - We expect Q3 2018 results to be decent with operating profit down 17% to € 844m, giving a margin of 11.3%. The quarter was mainly driven by a volume effect (2.4% growth in traffic in Network and 5.8% at Transavia) and, more importantly, by a further increase in unit revenues excluding currencies (+1.7%e in Network and +6.5%e at Transavia, which did not suffer from the pressure mentioned by Ryanair and EasyJet) despite a demanding b...Air France-KLM is a holding company. Through its subsidiaries, Co. is engaged in transporting passengers and cargo, aeronautics maintenance and other air-transport related activities, including catering and charter services. Co. operates in six geographical regions: Metropolitan France; Europe (except France) and North Africa; Caribbean, French Guiana and Indian Ocean; Africa, Middle East; Americas, Polynesia; and Asia and New Caledonia. Co. organizes its business around the following four segments: Passenger, providing passenger transportation services on scheduled flights; Cargo, transporting freight on flights and selling cargo capacity to third parties; Maintenance, and Other activities.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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