Finnair Group reports growth in 2016, notes uncertain outlook

Finnair Group revenue stable in Dec-2016 - financial highlights:

• Three months ended 31-Dec-2016:
• • Revenue: EUR569.9 million, +0.4% year-on-year;
  • • Passenger: EUR437.9 million, +1.2%;
    • Ancillary: EUR31.7 million, +13.3%;
    • Cargo: EUR46.2 million, -3.8%;
  • Operating costs:
  • • Fuel: EUR14.9 million, -14.9%;
    • Labour: EUR90.3 million, -7.3%;
  • Operating profit: EUR1.6 million, +106%;
  • Net profit: EUR13.7 million, -79.4%;
  • Passengers: 2.6 million, +2.7%;
  • Passenger load factor: 78.3%, +0.1 ppt;
  • Revenue per ASK: EUR 6.95 cents, -3.0%;
  • Yield: EUR 6.82 cents, -2.4%;
  • Cost per ASK: EUR 6.93 cents, -3.2%;
  • Cost per ASK excl fuel: EUR 5.53 cents, +1.4%;
• 12 months ended 31-Dec-2016:
• • Revenue: EUR2317 million, +2.8%;
  • • Passenger: EUR1816 million, +2.8%;
    • Ancillary and retail: EUR125.5 million, +21.6%;
    • Cargo: EUR173.8 million, -5.4%;
  • Operating costs:
  • • Fuel: EUR491.5 million, -17.5%;
    • Labour: EUR362.5 million, +2.6%;
  • Operating profit: EUR55.2 million, +132%;
  • Net profit: EUR85.1 million, -5.1%;
  • Passengers: 10.9 million, +5.6%;
  • Passenger load factor: 79.8%, -0.6 ppt;
  • Revenue per ASK: EUR 6.83 cents, -3.5%;
  • Yield: EUR 6.71 cents, -2.8%;
  • Cost per ASK: EUR 6.67 cents, -4.8%;
  • Cost per ASK excl fuel: EUR 5.22 cents, +1.6%;
  • Total assets: EUR2529 million;
  • Cash and cash equivalents: EUR69.4 million;
  • Total liabilities: EUR1672 million. [more - original PR]

Finnair Group: "The demand outlook for passenger and cargo traffic in Finnair's main markets continues to involve uncertainty. Finnair estimates that, in 2017, due to the fleet renewal and introduction of new aircraft, its capacity will grow 8-10 per cent, weighted strongly towards the second half of 2017. Revenue is expected to grow more slowly than our capacity, reflecting increasing capacity in the relevant markets." Source: Company statement, 15-Feb-2017.