General Industry

Finnair Records Quarterly Loss

By Dave Simpson
Finnair Records Quarterly Loss

Finnair has recorded a sixth consecutive quarterly loss, with the COVID-19 pandemic still keeping most of its planes grounded, and raised its annual cost savings target to €200 million from €170 million.


An increase in second-quarter air traffic helped to boost revenue and reduce the airline's operating loss to €139.1 million from €171.2 million in the same period last year.

The operating loss was slightly better than a consensus forecast of €149.25 million from five analysts, Refinitiv Eikon data showed, and the company said that it is expecting to make a similar loss in the third quarter.

CEO Statement

"Even though travel restrictions have been lifted at a slower pace than we expected, many countries, including Finland, have now opened to travel," Finnair CEO Topi Manner said in a statement.


Finnair's second quarter revenue rose to €111.8 million from €68.6 million a year earlier and the company is now expecting monthly operating cash flow to turn positive by the end of the year.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.