Finnair reports revenue for the second quarter of EUR 68.6 million (789).

Infront's analyst compilation ahead of the report indicated revenue of EUR 48.7 million.

The comparable operating profit was EUR -174 million (47.2), while the average estimate indicated EUR -179 million.

Finnair is also providing some forecasts for the third quarter and will gradually increase capacity. In July, the number of flights will be approximately 25 percent compared to the same period last year. In September, this figure is expected to be approximately 50 percent. However, no revenue forecast for the third quarter is given, but Finnair reiterates that revenue will decrease significantly in 2020 compared to 2019.

Regarding the second quarter, CEO Topi Manner notes that it was characterized by a single factor, namely COVID-19. Finnair made a comparable operating loss of approximately EUR 2 million per day, which was in line with the guidance given in connection with the first quarter report.

However, according to Topi Manner, the period contained some hope and points to demand for cargo flights being maintained at a high level. Cargo accounted for 70 percent of revenue during the quarter. 

Source: TT