Finnair Group reports operating turnaround in 2Q2016, predicts increased operating results in 2016

Finnair Group revenue up 5% - financial highlights:

• Three months ended 30-Jun-2016:
• • Revenue: EUR569.9 million, +4.7% year-on-year;
  • • Cargo: EUR42.6 million, -5.6%;
    • Ancillary and retail: EUR30.3 million, +24.3%;
  • Operating costs:
  • • Fuel: EUR126.4 million, -18.8%;
    • Labour: EUR93.0 million, +6.4%;
  • Operating profit: EUR3.2 million, compared to a loss of EUR12.9 million in p-c-p;
  • Net profit (loss): (EUR1.1 million), compared to a loss of EUR6.0 million in p-c-p;
  • Passenger numbers: 2.8 million, +6.0%;
  • Passenger load factor: 77.4%, -1.7 ppt;
  • Revenue per ASK: EUR 6.69 cents, -3.8%;
  • Yield: EUR 6.95 cents, -1.0%;
  • Cost per ASK: EUR 6.65 cents, -6.5%;
  • Cost per ASK excl fuel: EUR 5.17 cents, +0.8%;
• Six months ended 30-Jun-2016:
• • Revenue: EUR1106 million, +3.8%;
  • • Cargo: EUR82.2 million, -8.5%;
    • Ancillary and retail: EUR60.0 million, +26.3%;
  • Operating costs:
  • • Fuel: EUR247.9 million, -19.2%;
    • Labour: EUR184.8 million, +4.2%;
  • Operating profit (loss): (EUR12.2 million), compared to a loss of EUR41.3 million) in p-c-p;
  • Net profit (loss): (EUR16.1 million), compared to a loss of EUR15.8 million in p-c-p;
  • Passenger numbers: 5.3 million, +7.6%;
  • Passenger load factor: 78.1%, -0.5 ppt;
  • Revenue per ASK: EUR 6.65 cents, -3.0%;
  • Yield: EUR 6.64 cents, -2.2%;
  • Cost per ASK: EUR 6.72 cents, -5.6%;
  • Cost per ASK excl fuel: EUR 5.23 cents, +1.7%;
  • Total assets: EUR2518 million;
  • Cash and cash equivalents: EUR307 million;
  • Total liabilities: EUR1773 million. [more - original PR]

Finnair Group: "Finnair's new estimate of capacity growth is approximately 7 per cent, while the previous estimate was a growth of 8 per cent compared to 2015. The revision is due to delays in the deliveries of A350 aircraft. The rate of revenue growth is estimated to be slower than the rate of capacity growth. Uncertainty regarding the demand and yield prospects of the airline industry has increased during recent months. Finnair estimates that its comparable operating result for 2016 will increase from the previous year (2015: 23.7 million euros)." Source: Company statement, 17-Aug-2016.