Finnair Group remains in the red in 1Q2013, expects to end 2013 with operating profit

Finnair Group revenue stable - financial highlights for three months ended 31-Mar-2013:

• Revenue: EUR593.2 million, +0.2% year-on-year;
  • Airline business: EUR521.7 million, +2.3%;
  • Aviation services: EUR54.9 million, -41.5%;
  • Travel services: EUR81.8 million, -18.9%;
• Operating costs: EUR615.8 million, -0.7%;
  • Fuel: EUR169.4 million, +1.1%;
  • Labour: EUR102.1 million, -9.9%;
• Operating profit (loss): (EUR17.7 million), compared to a loss of EUR23.5 million in p-c-p;
  • Airline business: (EUR10.1 million), compared to a loss of EUR19.9 million in p-c-p;
  • Aviation services: (EUR6.2 million), compared to a profit of EUR2.8 million in p-c-p;
  • Travel services: EUR2.5 million, compared to a loss of EUR1.6 million) in p-c-p;
• Net profit (loss): (EUR15.8 million), compared to a loss of EUR19.3 million in p-c-p;
• Passenger numbers: 2.2 million, +4.0%;
• Passenger load factor: 79.6%, +3.4 ppts;
• Revenue per ASK: EUR 6.06 cents, +0.2%;
• Yield: EUR 6.68 cents, -3.5%;
• Cost per ASK: EUR 6.57 cents, +0.9%;
• Cost per ASK excl fuel: EUR 4.45 cents, -0.6%;
• Cargo volume: 32,049 tonnes, -15.4%;
• Cargo yield: EUR 25.42 cents, -0.2%;
• Total assets: EUR2305 million, +3.3% when compared to period ended 31-Dec-2012;
• Cash and cash equivalents: EUR39.8 million, -40.6% when compared to period ended 31-Dec-2012;
• Total liabilities: EUR1541 million, +5.8% when compared to period ended 31-Dec-2012. [more - original PR]

Finnair Group: "The uncertain economic outlook in Europe, weakened consumer demand and slower growth in Asia increase the uncertainty of the future development of air traffic. Fuel costs are expected to remain high in 2013 as well, and the demand for air traffic is estimated to grow moderately. Finnair estimates that its turnover will grow in 2013. 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, 26-Apr-2013.