PARIS (Reuters) - Shares in Air France-KLM (>> Air France-KLM) opened down more than 7 percent on Friday after the Franco-Dutch airline group issued its third profit warning since July and announced new cost cuts.

The group trimmed its forecast for earnings before interest, tax, depreciation and amortisation (EBITDA) by 200 million euros (£156 million) to 1.5-1.6 billion late on Thursday, citing higher-than-expected pilot strike costs and weak long-haul revenues.

In early trading, shares in Europe's second-largest traditional carrier were down 7.7 percent at 7.662 euros.

Air France-KLM said the way its fuel hedging contracts are structured were also partly to blame for the downgrade in its forecasts, which would also trigger a slowdown in deliveries of 10 Boeing (>> Boeing Co) 777 jets due in 2015 and 2016.

(Reporting by Tim Hepher; Editing by James Regan)

Stocks treated in this article : Air France-KLM, Boeing Co