Air France-KLM continued to reduce its net debt in the first quarter of 2013 due to positive free cash-flow and reduced capital spend.
The group announced a €38 million ($49 million) free cash-flow during the three-month period "despite a challenging quarter", said chief financial officer Philippe Calavia on a conference call today.
Capital expenditures fell to €251 million from €409 million in the year-earlier period. The group says it entered sale and leaseback agreements worth €77 million during the quarter. Disposals amounted to €108 million.
Operating loss narrowed to €530 million from €611 million, but net loss reached €630 million at the end of the first quarter.
Net debt fell to €5.9 billion at 31 March from €6.43 billion in the year-earlier period and €5.97 billion at the end of 2012.
Air France-KLM ended the year with €4.3 billion in cash and fully available credit lines of €1.85 billion.