Finnair posts first quarterly profit since 2019 By Stocksak

© Stocksak. FILEPHOTO: A Finnair Airbus A320200 aircraft is ready to take off from Manchester Airport, Manchester (UK), September 4, 2018. REUTERS/Phil Noble

HELSINKI, Stocksak – Finnair, Finland’s national carrier, posted Friday its first positive quarterly comparable operating profit since its final quarter of 2019, but its net result remained negative.

The airline announced last month a new strategy to recover profitability after suffering a triple blow: Russian airspace closure, COVID-19 pandemic and high fuel prices.

Finnair began seeking new commercially-feasible routes after the closure of Russian airspace due to the war in Ukraine cut off its previously lucrative Asian connections via a short northern route.

Comparatively, the airline reported a 35.2 million euro ($35.1 million) quarterly operating profit for the third quarter compared to a loss of 109.1 millions euros a year ago.

“Nevertheless, the result for this period was still negative. -37.2 million euros due to high financial costs resulting from heavy debt and exchange losses caused because of the strong dollar,” Topi Manner, Chief Executive at Finnair, stated in a statement.

The company reported that revenue increased 261% between July and September compared to a year ago to 719.2 millions euros.

Finnair has stated that it is working hard to build a more balanced network. This includes increasing cooperation with partner carriers and adding more flights to North America, India, and the Middle East via its home hub Helsinki.

($1 = 1.0021 euros)

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