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Finnair Group operating profit down in 2Q2013, revises FY outlook as weak yen puts pressure on yield

14-Aug-2013 5:13 PM

Finnair Group revenue up 3% - financial highlights:

  • Three months ended 30-Jun-2013:
    • Revenue: EUR609.7 million, +2.6% year-on-year;
      • Airline business: EUR552.7 million, +3.2%;
    • Operating costs: EUR608.0 million, +4.0%;
      • Fuel: EUR171.5 million, +8.6%;
      • Labour: EUR100.6 million, -10.6%;
    • Operating profit*: EUR6.1 million, -62.4%;
      • Airline business: EUR10.9 million, compared to a loss of EUR6.8 million in p-c-p;
    • Net profit: EUR17.0 million, +1.2%;
    • Passenger numbers: 2.4 million, +6.3%;
    • Passenger load factor: 78.2%, +0.7 ppt;
    • Revenue per ASK: EUR 6.39 cents, -3.1%;
    • Yield: EUR 7.18 cents, -4.5%;
    • Cost per ASK: EUR 6.62 cents, -0.7%;
    • Cost per ASK excl fuel: EUR 4.52 cents, -2.4%;
    • Cargo volume: 37,010 tonnes, +0.4%;
    • Cargo yield: EUR 24.00 cents, -5.8%;
  • Six months ended 30-Jun-2013:
    • Revenue: EUR1203 million, +1.4%;
      • Airline business: EUR1074 million, +2.8%;
    • Operating costs: EUR1224 million, +1.6%;
      • Fuel: EUR341.0 million, +4.7%;
      • Labour: EUR202.7 million, -10.3%;
    • Operating profit (loss)*: (EUR11.6 million), compared to a loss of EUR7.3 million) in p-c-p;
      • Airline business: EUR0.9 million, compared to a loss of EUR26.8 million in p-c-p;
    • Net profit: EUR1.2 million, compared to a loss of EUR37.9 million in p-c-p;
    • Passenger numbers: 4.6 million, +5.2%;
    • Passenger load factor: 78.9%, +2.0 ppts;
    • Revenue per ASK: EUR 6.23 cents, -1.4%;
    • Yield: EUR 6.93 cents, -4.0%;
    • Cost per ASK: EUR 6.59 cents, +0.1%;
    • Cost per ASK excl fuel: EUR 4.49 cents, -1.5%;
    • Cargo volume: 69,059 tonnes, -7.6%;
    • Cargo yield: EUR 24.66 cents, -3.2%;
    • Total assets: EUR2277 million;
    • Cash and cash equivalents: EUR94.9 million;
    • Total liabilities: EUR1543 million. [more - original PR]

*Excludes changes in the fair value of derivatives and in the value of foreign currency denominated fleet maintenance reserves, non-recurring items and capital gains

Finnair Group: “Finnair estimates its 2013 turnover to be approximately at the 2012 level due to the pressure that the weak yen puts on the Japan generated unit revenues. Unit costs excluding fuel (CASK excl. fuel) are expected to decrease compared to 2012. Finnair estimates that its operational result will show a profit in 2013.” Source: Company statement, 14-Aug-2013.