UPDATE 1-Air France-KLM narrows losses in Q1
* Q1 operating loss 445 mln eur vs 532 mln yr-ago
* Confirms financial targets for year
* Wins contract worth over $1 billion from Air China
* To sign codeshare agreement with Air Berlin
* CEO doesn't rule out re-investing in Alitalia (Adds details, CEO comments, background)
By Cyril Altmeyer
PARIS, April 30 (Reuters) - Air France-KLM narrowed its losses in the first quarter on the back of cost cuts and lower fuel prices, and announced a breakthrough contract in China for its maintenance business, the France-Dutch group's only profitable division.
Europe's second-largest network carrier by revenue reaffirmed its financial targets for the year in the face of "tough" conditions, as first-quarter operating losses declined to 445 million euros ($615 million) from 532 million a year earlier.
Revenue rose 2.2 percent to 5.554 billion euros, and EBITDA losses (earnings before interest, tax, depreciation and amortisation) more than halved to 50 million. Continuación...