Finavia Group 2Q2009 revenue down 3.3%, net profit down 12.3%

Finland's Finavia Group revenue down 3.3% - consolidated financial highlights:

• Three months ended 30-Jun-2009:
  • Revenue: EUR81.6 million, -3.3% year-on-year;
    • Finavia: EUR75.7 million, -4.2%;
      • Traffic: -6.6%;
      • Commercial: +0.9%;
  • Costs: EUR59.0 million, +3.1%;
    • Labour: n/a, +13.5%;
  • Operating profit: EUR9.1 million, -14.7%;
    • Finavia: EUR7.5 million, -13.5%;
  • Net profit: EUR7.1 million, -12.3%;
• Six months ended 30-Jun-2009:
  • Revenue: EUR165.1 million, -2.5%;
    • Finavia: EUR152.3 million, -3.6%;
      • Airport operations: EUR87.3 million, -5.4%;
      • Air Navigation Operations: EUR30.5 million, -2.7%;
      • Commerical operations: EURn/a, -0.4%;
      • Real Estate: EURn/a, -3.1%;
  • Costs: EUR123.0 million, +3.8%;
    • Labour: EUR59.7 million, +10.0%;
  • Operating profit: EUR16.1 million, -46.5%;
  • Net profit: EUR11.0 million, n/a. [more]

Finavia: "The weak financial situation of the air traffic sector has already continued for a long time. On 28 August 2009, to ensure air traffic, the Board of Directors of Finavia made a decision to decrease air transport charges by an average of 10.3% as of 1 September 2009 until the end of the year. The decreases will be allocated to passenger, landing, and air navigation charges. The profit of Finavia Group will remain substantially below the result for last year. It is likely that Finavia will not achieve its financial objectives for 2009," Company statement. Source: Finavia, 03-Sep-2009.