The Franco-Dutch airline said that a 4.5 percent increase in revenue to €24.7 billion ($32.4 billion) wasn’t enough to offset the high cost of jet fuel.
A string of uprisings in the Middle East over the past year has pushed oil prices higher. In just the last quarter of the year, the company said its fuel bill jumped 20 percent to €1.6 billion.
The company said the Arab Spring also wreaked havoc on its business, while a tsunami in Japan decimated travel in its most important Asian market. Meanwhile, Europe’s debt crisis pummeled the real economy in the airline’s core market.