Finnair Group losses improve in 1Q2015, but still short of expectations

Finnair Group revenue down 1% - financial highlights for three months ended 31-Mar-2015:

• Revenue: EUR540.4 million, -0.5% year-on-year;
• Operating costs:
• • Fuel: EUR151.3 million, -6.0%;
  • Labour: EUR90.1 million, +0.1%;
• Operating profit (loss): (EUR28.4 million), compared to a loss of EUR34.2 million in p-c-p;
• Net profit (loss): (EUR9.8 million), compared to a loss of EUR28.2 million in p-c-p;
• Passenger numbers: 2.3 million, +3.1%;
• Passenger load factor: 78.1%, -0.6 ppt;
• Passenger yield: EUR 6.59 cents, +0.8%;
• Revenue per ASK: EUR 6.05 cents, +1.7%;
• Cost per ASK: EUR 6.75 cents, +1.4%;
• Cost per ASK excl fuel: EUR 4.82 cents, +4.7%;
• Cargo volume: 30,430 tonnes, -13.6%;
• Cargo yield: EUR 3.28 cents, -0.9%;
• Total assets: EUR2011 million;
• Cash and cash equivalents: EUR153.1 million;
• Total liabilities: EUR1471 million. [more - original PR] [more - original PR - Finnish]

Finnair Group: "The demand outlook for passenger and cargo traffic in Finnair's main markets still involves uncertainty. Finnair estimates that, in 2015, its capacity measured in Available Seat Kilometres will grow by approximately 3 per cent and that its revenue will remain at the 2014 level. Finnair further estimates, as a change to its previous guidance, and when calculated with the same accounting principles as earlier, that its unit costs excluding fuel will increase from the 2014 level due to the structural changes in the company's business and the strong appreciation of the US dollar. By applying the changed calculation method, that neutralizes the effect of these changes as defined in notes 16. and 18. to the interim financial statements, Finnair estimates that its 2015 unit costs excluding fuel at constant currency will decrease from the 2014 level." Source: Company statement, 07-May-2015.