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Air France-KLM beats profit expectations as it lifts fuel forecast

By Reuters News

LONDON, Nov 5 (Reuters) - Air France-KLM AIRF.PA exceeded third-quarter operating profit expectations on Thursday, but cut its capacity growth forecast for the year and raised its projected fuel bill.

European carriers are grappling with the spiralling cost of fuel, although some network carriers such as Air France-KLM and Lufthansa LHAG.DE have remained resilient thanks to hedging as well as strong investment into pricier premium offerings.

"Demand across key strategic markets, combined with strong commercial execution, drove an increase in unit revenue, while continued cost discipline -- alongside a well-managed fuel bill -- kept unit costs broadly stable," said CEO Ben Smith.

Air France-KLM posted a third-quarter operating profit of €1.34 billion, compared with €1.1 billion as projected by analysts in a company-compiled consensus. That was driven in large part by strong demand in non-stop flights to India and Asia and the success of its expanding premium offering.

However, the airline group revised its capacity projection for 2026 to 2%, replacing an earlier range of 2% to 3%. Fuel costs for 2026 are also now expected at $9.2 billion, up from an earlier forecast of $8.9 billion.

The group also flagged fleet modernization and a reorganization of activities in ground handling, cargo and engineering and maintenance at its Dutch subsidiary KLM.

It did not say if this included any job cuts.

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