Finnish flag carrier Finnair sees annual sales near pre-COVID levels
Reuters
Published Oct 24, 2023 07:30
Updated Oct 24, 2023 07:56
(Reuters) -Finland's national airline Finnair on Tuesday forecast 2023 results at pre-pandemic levels or close to them, saying the COVID-19 impact had faded and the markets had adapted to the closure of Russian airspace.
The carrier delivered positive operating earnings for the fifth quarter in a row, as it recovers from the pandemic and Russia's airspace closure following its invasion of Ukraine, which challenged Finnair's previously Asia-focused strategy.
Finnair's comparable operating profit rose to 94.3 million euros ($100.7 million) in the third quarter, a 168% jump from a year earlier, when it reported its first positive result since 2019. However, it said higher fuel prices had hurt the earnings towards the end of the quarter.
The airline said it expected annual revenue of between 2.9 billion and 3.1 billion euros, with the top end in line with its 2019 sales figure. It had previously said 2023 sales would be significantly above last year's.
It also forecast comparable operating earnings of 160–200 million euros for the year, against its prior guidance of 150–210 million. This compares to a profit of 162.8 million euros in 2019.
($1 = 0.9362 euros)
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Written By: Reuters
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