Italy rejects Lufthansa/ MSC bid and picks AF-KLM for ITA Airways
In a perhaps surprising development, Lufthansa and MSC appear to have been rebuffed in their ...
Robert Boyle writes:
Air France-KLM (AF-KL) entered the COVID crisis in decent shape from a balance sheet point of view. Even before the injection of funds from the French government, the March 2020 cash position was €6.4 billion, equivalent to 23% of 2019 revenues, almost matching the 26% ratio at well capitalised IAG. Net debt of €6.6 billion was actually lower than IAG’s €7.5 billion.
However, it was much less profitable than IAG, with operating margins in 2019 of 4.4% compared to ...
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