The Franco-Dutch airline had already warned in early July that the Games would hammer revenues as many tourists avoided one of the world’s most visited cities during the crowded competitions.

But the negative impact for the quarter is now set at €200 million (US$217 million), above the €160-€180 million forecast a few weeks ago, the carrier said in a statement.

For June alone, the impact of lost ticket sales was estimated at €40 million.

As a result, second-quarter profit stood at €165 million – well below the €308 million estimated by an average of analyst forecasts by FactSet.

The quarterly profit was also just over one-fourth of the €612 million booked in the same quarter last year, even as revenues rose 4.3% over the period to €7.95 billion.

The airline cited higher fuel and salary costs as also weighing on profits, even as traffic increased by 4.4% over the year to 25.7 million passengers.

In response, it lowered its forecast of capacity in available seat kilometres (ASK) – a key profitability metric for money generated per flight – to growth of four percent, down from five percent previously.

And after a hiring freeze imposed after a net loss of €522 million in the first quarter, it will now also cut advertising budgets and trim non-essential spending by 20%.