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Finnair revenue down 20.9%, operating loss widens in 4Q2009

8-Feb-2010 12:48 PM

Finnair revenue down 20.9% - financial/traffic highlights:

  • Three months ended 31-Dec-2009:
    • Revenue: EUR457.7 million, -20.9% year-on-year;
    • Operating costs: EUR504.1 million, -16.1%;
      • Labour: EUR111.8 million, -20.5%;
      • Fuel: EUR101.2 million, -28.9%;
    • Operating profit (loss): (EUR39.4 million), compared to a loss of EUR13.7 million in the previous corresponding period;
    • Net profit (loss): (EUR36.6 million), compared to a loss of EUR44.8 million in the previous corresponding period;
  • 12 months ended 31-Dec-2009:
    • Revenue: EUR1,838 million, -18.5% year-on-year;
    • Operating costs: EUR2,038 million, -10.5%;
      • Labour: EUR182.3 million, -10.5%;
      • Fuel: EUR450.3 million, -19.2%;
    • Operating profit (loss): (EUR180.2 million), compared to a profit of EUR0.8 million in the previous corresponding period;
    • Net profit (loss): (EUR102 million), compared to a loss of EUR46.1 million in the previous corresponding period;
    • Passenger numbers: 7.4 million, -10.1%;
    • Passenger load factor: 75.9%, +0.7 ppt;
    • Cargo volume: 89,234 tonnes, -12.6%;
    • Revenue per RTK: EUR 67.2 cents, -11.3%;
    • Cost per ATK: EUR 43.8 cents, +0.8%. [more]

Finnair: " There are weak signs in the sector that the decline in travel demand is coming to an end, but due to overcapacity, increasing prices will prove difficult. Business travel is recovering, above all outside Finland…Finnair’s passenger traffic capacity is expected to be around 10% below the previous year in the first quarter of 2010. Finnair’s scheduled traffic suffers from low unit revenue, but the passenger load factors of aircraft are expected to remain at a satisfactory level. This will lead to a further fall in turnover in the first quarter...the first quarter of 2010 is expected to remain difficult and to be clearly loss-making. Due to the efficiency measures being implemented, the Finnair Group’s profitability is expected to improve gradually towards the end of the year," Company Statement. Source: Finnair, 05-Feb-2010.