Air France-KLM made a net profit of €792 million (US$835 million) in 2016, a 571% increase compared to 2015, according to annual results released by the company.

The airline group attributed the performance primarily to low fuel prices.

However, total revenue for the cargo business fell 14.7% year-on-year to €2.07 billion (US$2.18 billion). The group carried 1.13 million tonnes of cargo in 2016, a 6.2% decrease. The load factor also fell 1.1 percentage points to 59.3%.

The company said that it had continued to restructure the cargo unit to address weak global trade and industry overcapacity. The total available cargo capacity decreased 4.6% through a reduction in the number of full freighters. The operational fleet now stands at six, consisting of three Boeing 747-400ERFs, one 747-400BCF and two 777Fs.

Pressure on unit revenues will remain in 2017, with geopolitical and economic uncertainties, fuel prices and ongoing overcapacity, according to Air France-KLM.