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Finnair Records Quarterly Loss

Published on Jul 19 2021 9:53 AM in General Industry tagged: Finnair

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.

Figures

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.

Revenue

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.

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