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Positive Results for Finnair in 2007

Search ASIA Travel Tips .com Latest Travel News Wednesday, 6 February 2008

Finnair's turnover grew by 10% to 2.2 billion euros in 2007. The operational result rose from the previous year's 11 million euros to 97 million euros. In addition, non-recurring capital gains totalled 30 million euros, including the sale of the FlyNordic subsidiary. Profit before taxes was 140 million euros.

"Our hard work last year delivered a good result that we are proud of. During 2006 we laid a solid foundation for the improvement of profitability and the price for this was evident in the result. We entered 2007 in good shape and profitability improved in every quarter. We need strong cash flow for future acquisitions," said Finnair's President & CEO Jukka Hienonen.

Finnair is to invest a total of nearly 700 million euros in new long-haul aircraft this year and next.

Last year, Finnair carried nearly nine million passengers. Passenger traffic overall grew by 13% while Asian traffic grew by over 30%. The passenger load factor overall was 76%, on Asian flights slightly higher. Overall, passenger traffic unit revenue per passenger kilometre fell by 2%, while in Asian traffic it rose slightly.

"We filled our aircraft with passengers and cargo. Load factors were at record highs, even though we increased capacity considerably. We worked really hard in the domestic market as well as in Europe and Asia."

Operating costs rose by nearly 4%. Unit costs of flight operations fell by more than 5%, as a result of the implemented 80 million euro efficiency programme and the growth in Asian traffic. Fuel costs rose last year by 14%.

"The price of oil reached a record high at the end of the year, crossing the US$100 a barrel mark. Fuel costs will remain high and we will adjust our competitiveness accordingly," Hienonen said.

Asian traffic growth will continue this year, when two new Airbus A340 long-haul aircraft join Finnair's fleet. A new destination, Seoul in South Korea, will open in June.

It is expected that the predicted slower growth in the global economy will have less impact on air traffic between Europe and Asia than on the development in certain other traffic areas.

"Finnair's demand situation is currently good, both in leisure and scheduled traffic. The solid result shows that Finnair is in good shape, but further guidance in the present uncertain world economy would be too adventurous," Hienonen added.

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