Overcapacity and weak cargo demand have forced Air France-KLM to shave up to €300 million ($408 million) from its 2014 EBITDA forecast.

Air France-KLM originally forecast a full-year EBITDA of €2.5 billion, but it has now lowered this outlook to between €2.2 billion and €2.3 billion. However, it noted the revised forecast is still 20% more than its 2013 results.

In June, Air France-KLM carried 7.2 million passengers, up 3.9% compared with June 2013. A 1.8% increase in capacity was met by 2.9% traffic growth, pushing its load factor up by a 0.9 percentage point to 86.2%. Unit revenues remained stable. However, cargo traffic slipped 4.3%, exceeding a 1.7% capacity reduction, pushing Air France-KLM’s average cargo load factor down 1.6 points to 60.7%.

“While not representing a turning point in market trends, June traffic figures, as well as bookings for July and August, nevertheless reflect the overcapacity on certain long-haul routes—notably North America and Asia—with the attendant impact on yields. This comes on top of the persistently weak cargo demand and the challenging situation in Venezuela identified in the first quarter,” Air France-KLM said in a statement.

Venezuela has been undergoing a period of political and economic uncertainty. According to IATA, this has led to currency controls that have affected airlines including Delta Air Lines, American Airlines and Air France.

Air France also announced the completion of its ground staff voluntary redundancy scheme, which forms part of its Transform 2015 restructuring plan.

“With 1,772 validated applications, corresponding to 1,660 full-time employees (FTEs), the plan almost reached its objective of 1,826 departures. A plan aimed at 700 FTEs among the cabin crew has just begun,” the carrier said.