Finnair Group losses narrow in 2Q and 1H2015

Finnair Group revenue down 1% - financial highlights:

• Three months ended 30-Jun-2015:
• • Revenue: EUR561.0 million, -0.8% year-on-year;
  • Operating costs:
  • • Fuel: EUR155.7 million, -6.3%;
    • Labour: EUR87.4 million, +1.3%;
  • Operating profit (loss): (EUR12.9 million), compared to a loss of EUR19.6 million in p-c-p;
  • Net profit (loss): (EUR6.0 million), compared to a loss of EUR23.9 million in p-c-p;
  • Passenger numbers: 2.6 million, +4.2%;
  • Passenger load factor: 79.1%, -0.4 ppt;
  • Yield: EUR 6.97 cents, +4.8%;
  • Revenue per ASK: EUR 6.29 cents, +1.9%;
  • Cost per ASK: EUR 6.74 cents, +3.0%;
  • Cost per ASK excl fuel: EUR 4.74 cents, +4.8%;
  • Cargo volume: 31,475 tonnes, -18.2%;
  • Cargo yield: EYR 21.95 cents, -5.5%;
• Six months ended 30-Jun-2015:
• • Revenue: EUR1101 million, -0.7%;
  • Operating costs:
  • • Fuel: EUR307.0 million, -6.2%;
    • Labour: EUR177.4 million, +0.7%;
  • Operating profit (loss): (EUR41.3 million), compared to a loss of EUR53.9 million in p-c-p;
  • Net profit (loss): (EUR15.8 million), compared to a loss of EUR52.0 million in p-c-p;
  • Passenger numbers: 4.9 million, +3.7%;
  • Passenger load factor: 78.6%, -0.5 ppt;
  • Yield: EUR 6.78 cents, +2.8%;
  • Revenue per ASK: EUR 6.17 cents, +1.7%;
  • Cost per ASK: EUR 6.75 cents, +2.2%;
  • Cost per ASK excl fuel: EUR 4.78 cents, +4.8%;
  • Cargo volume: 61,904, -16.0%;
  • Cargo yield: EUR 22.60 cents, -3.2%;
  • Total assets: EUR1967 million;
  • Cash and cash equivalents: EUR133.6 million;
  • Total liabilities: EUR1412 million. [more - original PR - English/Finnish]

Finnair: "Finnair estimates that, in 2015, its operational result is around break-even or slightly positive. Finnair reiterates its previous estimate that its capacity measured in Available Seat Kilometres will grow by approximately 3 per cent and that its revenue will remain approximately at the 2014 level. As a change to its previous estimate, the company now estimates that its 2015 unit costs excluding fuel at constant currency will remain at the 2014 level. Finnair also reiterates as a separate guidance that, when calculated using the exchange rates effective at the end of the review period, the non-recurring items associated with the long haul fleet renewal in 2015 will have a substantial positive impact on Finnair's operating result due to the strengthened US dollar." Source: Company statement, 14-Aug-2015.