Finnair reports sharp declines in profit in 3Q2011, expects better second half

Finnair revenue up 10% - financial highlights for three months ended 30-Sep-2011:

• Revenue: EUR607.2 million, +10.1% year-on-year;
  • Airline: EUR545.9 million, +11.7%;
• Operating costs: EUR584.2 million, +13.7%;
  • Fuel: EUR144.3 million, +23.7%;
  • Labour: EUR110.4 million, +3.2%;
• Operating profit*: EUR27.6 million, -34.1%;
  • Airline: EUR40.3 million, -10.8%;
• Net profit: EUR1.9 million, -94.1%;
• Passenger numbers: 2.2 million, +11.0%;
• Passenger load factor: 77.4%, -1.1 ppt;
• Yield: EUR 7.4 cents, -1.9%;
• Revenue per ASK: EUR 6.4 cents, -4.3%;
• Costs per ASK: EUR 6.2 cents, -1.3%;
• Cost per ASK excl fuel: EUR 4.5 cents, -3.5%;
• Cargo volume: 39,286 tonnes, +12.6%;
• Capital expenditure: EUR121.0 million, +838%;
• Total assets: EUR2420 million, +0.3% when compared to period ended 31-Dec-2010;
• Cash and cash equivalents: EUR53.1 million, +28.0% when compared to period ended 31-Dec-2010;
• Total liabilities: EUR1637 million, +5.0% when compared to period ended 31-Dec-2010. [more - original PR]

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

Finnair: "The current estimate is that the operational result of the second half of the year will be slightly negative. However, it is expected that the result for the second half of 2011 will be better than that of the first half of the year. The company reiterates its estimate that the operational result for 2011 will be negative. Finnair's turnover is expected to grow by more than 10% for the entire year 2011." Company statement. Source: Finnair, 27-Oct-2011.