Air France-KLM reports first quarter results; shares fall

Air France-KLM has posted a stronger than expected recovery in the first quarter with earnings before interest, tax, depreciation and amortisation (EBITDA) of €266 million compared to a loss of €26m in the first quarter of last year. The group’s operating loss reduced to €99 million from €417 million a year earlier, with revenue rising slightly by 0.4% to €5.605bn. The Franco-Dutch airline group was aided by low oil prices but warned this benefit could be “significantly offset” by pressure on unit revenue and negative currency swings. Currencies had a positive €95 million impact on revenues primarily driven by the