Finnish airline Finnair reports a pre-tax loss of -145 million euros for the third quarter of 2021. Analysts had expected -161 million euros, according to Infront's forecast compilation.
The operational operating profit was -109 million euros. This was expected to be -136 million euros.
Net sales amounted to EUR 199 million. Expectations were EUR 234 million.
The Finnish airline Finnair FIA1S +3.62% operations continue to be dampened by pandemic restrictions, especially in Asia, the company writes in the forecast section of the interim report for the third quarter.
Based on it As vaccination rates increase, Finnair predicts that Asia will open to travelers at a more significant level early in 2022, except for China, which is expected to open after the middle of next year.
”"Due to the slow recovery of traffic to Asia, Finnair expects the comparable operating loss to continue in the first half of 2022. We expect the operating environment in the second half to be closer to pre-pandemic levels and that a recovery to 209-year traffic levels, measured in annual ASK, will be achieved in 2023," Finnair writes.
Freight operations remain strong and cost-saving programs have progressed as planned. However, costs have increased due to capacity increases and higher fuel prices, which is expected to lead to a similar performance trend for the fourth quarter, which ended with a loss of EUR 106 million.
Fourth-quarter cash flow is also forecast to be positive.
