Air France-KLM, the world's biggest airline by revenue, on Thursday said its third-quarter profit more than tripled as a recovery in cargo revenue and surging passenger numbers helped to offset a sharp increase in fuel costs.

The Franco-Dutch carrier's net profit in the three months to Dec. 31 jumped to 77 million euros ($92.4 million) from 23 million euros ($27.6 million) in the year-earlier period. Revenue increased by 12.4 percent to 5.4 billion euros ($6.48 billion). Operating profit soared to 190 million euros ($228 million) from 20 million euros ($24 million), boosting nine-month earnings by 77 percent to 940 million euros ($1.13 billion) from 532 million euros ($638.4 million).

The company said the cargo division experienced an "encouraging recovery" and passenger traffic "remained dynamic," which helped absorb a 27 percent increase in fuel costs to 1 billion euros ($1.2 billion). Assuming current market conditions are maintained, the company said it expects operating income for the full year to exceed 900 million euros ($1.1 billion).

The cargo business, Europe's second-largest after Lufthansa Cargo, boosted third-quarter earnings by 18.1 percent to 98 million euros ($117.6 million) from 83 million euros ($99.6 million) a year earlier. Revenue rose 14.5 percent to 813 million euros ($975.6 million) from 710 million euros ($852 million).

Air France Cargo was among a group European, U.S. and Asian carriers whose offices were raided this week by European Union and U.S. antitrust regulators investigating suspected price fixing and other cartel abuses in the global airfreight business.

Bruce Barnard