AFKL big drop in 2018 operating results.
AFKL published its financial results for 2018.
As usual, the good points are emphasized in the presentation and the stock price went up as results are better than expected.
But the operating results dropped from 1.9billion to 1.3b with a severe drop in operating margin.
Strikes at AF clearly had a serious impact but even KLM had a tiny drop in operating profits. It is striking to see the 1,073m profit at KL compared to 266 at AF..
The AFKL 2018 net income is 409m, better than the 163 m in 2017. But that is mostly explained by one-off exceptional items.
As stated in the presentation, "Excluding these one-offs, the change of Net income - group part FY2018 is -€796 million compared to last year". That is not a brilliant result.