Dutch finance ministry urges KLM to strengthen its finances
The Dutch finance ministry says KLM needs to strengthen its financial position after the airline announced 5,000 job cuts and plans to transfer some work to its parent group.
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The Dutch finance ministry says it is important for KLM to strengthen its finances after the airline announced plans to cut 5,000 jobs and move some work to Air France-KLM.
The ministry, a major shareholder in KLM, said it would seek further information about the plans. It did not comment on the proposed savings in detail.
KLM says the measures are needed because its profits have lagged behind those of its parent group. The changes are intended to improve its financial result by €1 billion.
The announcement follows earlier cost-cutting efforts at KLM as it seeks to improve profitability. Air France-KLM reported higher third-quarter profit, while saying KLM remained below its target operating margin.
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