Finnair Group operating loss narrows in 2Q2012, expects stronger 2H2012 result

Finnair Group revenue up 10% - financial highlights:

• Three months ended 30-Jun-2012:
  • Revenue: EUR594.4 million, +10.2% year-on-year;
    • Airline business: EUR535.6 million, +12.5%;
  • Operating costs: EUR586.1 million, +5.2%;
    • Fuel: EUR157.9 million, +19.9%;
    • Labour: EUR113.9 million, +3.2%;
  • Operating profit (loss): (EUR18.1 million), compared to a loss of EUR25.2 million in p-c-p;
  • Airline business: (EUR8.3 million), compared to a loss of EUR26.3 million in p-c-p;
  • Net profit (loss): (EUR19.8 million), compared to a loss of EUR23.0 million in p-c-p;
  • Passenger numbers: 2.3 million, +10.6%;
  • Passenger load factor: 77.5%, +5.9 ppts;
  • Revenue per ASK: EUR 6.60 cents, +9.7%;
  • Yield: EUR 7.52 cents, +2.2%;
  • Cost per ASK: EUR 6.66 cents, +4.5%;
  • Cost per ASK excl fuel: EUR 4.64 cents, +0.2%;
  • Cargo volume: 36,854 tonnes, +8.0%;
• Six months ended 30-Jun-2012:
  • Revenue: EUR1186 million, +10.5%;
    • Airline business: EUR1046 million, +12.6%;
  • Operating costs: EUR1208 million, +6.1%;
    • Fuel: EUR325.5 million, +23.1%;
    • Labour: EUR228.6 million, +0.7%;
  • Operating profit (loss): (EUR38.3 million), compared to a loss of EUR68.3 million in p-c-p;
  • Airline business: (EUR29.8 million), compared to a loss of EUR52.9 million in p-c-p;
  • Net profit (loss): (EUR40.2 million), compared to a loss of EUR56.8 million in p-c-p;
  • Passenger numbers: 4.3 million, +10.4%;
  • Passenger load factor: 76.9%, +4.8 ppts;
  • Revenue per ASK: EUR 6.32 cents, +9.2%;
  • Yield: EUR 7.22 cents, +2.2%;
  • Cost per ASK: EUR 6.59 cents, +3.2%;
  • Cost per ASK excl fuel: EUR 4.55 cents, -2.3%;
  • Cargo volume: 74,746 tonnes, +9.0%;
  • Total assets: EUR2387 million, +0.8% when compared to period ended 31-Dec-2011;
  • Cash and cash equivalents: EUR62.7 million, +26.7% when compared to period ended 31-Dec-2011;
  • Total liabilities: EUR1702 million, +6.1% when compared to period ended 31-Dec-2011. [more - original PR]

Finnair Group: "Finnair estimates that the operational result of the second half of the year, which will be stronger than the first half of the year due to seasonal variations, will reflect improved profitability compared to the first half of the year. The outlook for the world economy is still uncertain, and Finnair will adjust its passenger traffic capacity with its current structure according to demand, if necessary. Finnair estimates that this capacity will increase on last year but less than the 5 per cent level given in the earlier estimate. The growth will mainly come from Asian traffic, where Finnair increased capacity in May by opening a new flight route to Chongqing, China." Source: Company statement, 10-Aug-2012.