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.
"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.