We are working on a thorough strategy renewal and we want to communicate more about our direction and the changes it brings in the autumn. Finnair reported that its second-quarter revenue increased by more than 390 per cent year-on-year, from 112 to 550 million euro, as demand for air travel began to normalise and passenger volumes and load factors recovered, especially in Europe and the United States. Its comparable operating result was the same as improved from the previous year, but it remained more than 84 million euro in the red.
The airline pointed out that record-high fuel prices had an adverse cost impact of around 126 million euros compared to the previous year, an impact that was compounded by the longer routes necessitated by the closure of Russian airspace.
In 2019, the airline operated roughly 64 per cent of its active capacity, with the airspace closure restricting flights to the traditionally important markets of Japan and South Korea. It was able to provide work for about 600 employees by wet-leasing six percent of its aircraft capacity to partner airlines.
Finnair was impacted by one crisis after another during the second quarter of 2022, he summarised. The effects of the severe, two-years and-counting pandemic started to lessen as demand recovered, but at the same time we felt the full weight of the war in Ukraine. Finnair expects its operating results to be negatively for the third consecutive year due to the war in Ukraine, which is why it expects to have a similar operating result for the entire year.
The airline's stock price fell by over nine per cent to 0.41 euros on the Helsinki Stock Exchange on Tuesday, despite the worse-than-expected operating result and muted short-term outlook. The shares lost almost a third of their value since the beginning of the year.