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Finnair 1Q2011 losses widen, not expecting to be profitable in FY2011

29-Apr-2011 12:57 PM

Finnair revenue up 11% - financial highlights for the three months ended 31-Mar-2011:

  • Operating revenue: EUR536.5 million, +10.7% year-on-year;
    • Airline business: EUR452.3 million, +12.2%;
  • Operating costs: EUR580.8 million, +13.6%;
    • Fuel: EUR132.8 million, +26.1%;
    • Labour: EUR116.8 million, +4.4%;
  • Operating profit (loss): (EUR43.1 million), compared with a loss of EUR26.3 million in p-c-p;
    • Airline business: (EUR43.9 million), compared with a loss of EUR24.6 million in p-c-p;
  • Net profit (loss): (EUR33.8 million), compared with a loss of EUR21.8 million in p-c-p;
  • Passenger numbers: 1.9 million, +2.5%;
  • Passenger load factor: 72.6%, -7.4 ppts;
  • Revenue per ASK: EUR 5.54 cents, -1.3%;
  • Yield: EUR 6.78 cents, +7.6%;
  • Cost per ASK: EUR 6.38 cents, -0.1%;
  • Cost per ASK excl fuel: EUR 4.69 cents, -2.5%;
  • Cargo volume: 34,447 tonnes, +38.0%;
  • Cargo revenue per RTK: EUR 26.29 cents, +11.3%;
  • Total assets: EUR2481 million, +1.8%;
  • Cash and cash equivalents: EUR53.9 million, +2.1%;
  • Total liabilities: EUR1632 million, +1.6%. [more]

Finnair: “Finnair expects that the second-quarter result will be negative. Therefore the company continues to expect that it will be unable to achieve a positive result in 2011 unless there is a substantial improvement towards the end of the year in the oil price trend and in the situation in Japan. At the same time, the company expects that the results of the second half of the year will be positive. Finnair continues to expect that its turnover will grow by more than 10% in the full year,” Company statement. Source: Finnair, 28-Apr-2011.