Finnair posts record quarterly net profit

The airline has taken measures to reduce costs, improve sales and optimise revenues, and he believes that the development is a result of the measures adopted by the airline. The result for the period was 37.2 million euro in the red due to factors such as record high jet fuel prices, unfavourable exchange rates, the closure of Russian airspace and the lingering effects of the coronaviruses.

Manner estimated that he and his colleagues have a long journey ahead of themselves to get the company back to health after a positive result in what is the busiest quarter.

Finnair reported that the number of passengers it carried increased by over 255 per cent to 2.8 million in the third quarter of the year. Its passenger load factor increased by almost 155 per cent from around 3.29 billion to 8.36 billion as it increased from 41.6 per cent in 2021 to 80.1 per cent in 2022.

In the last quarter of the year, the airline estimated that it will operate an average capacity of around 70 per cent of its capacity, which is measured in available seat kilometres, of around 70 per cent of its capacity in the last quarter of 2019.

In September, Finnair unveiled its new strategy in response to the extended flight times and operating costs of its strategic cornerstone, traffic to and from Asia. It said that the purpose of the strategic re-think is to balance its flight network and trim its fleet slash unit costs by 15 per cent compared to 2019 and restore its earnings to at least five per cent by mid- 2024.

The implementation of the strategy will proceed at a pace in each area and needs contributions from all stakeholders, Manner said on Friday.

Finnair has reduced its costs by about 200 million euro over the past 30 or so months. It announced earlier this autumn it would initiate consultative negotiations that could lead to the termination of 200 jobs worldwide, including 120 in Finland.