Finnish national carrier Finnair had a profitable first quarter of 2023, according to the airline's interim report published on Thursday, Trend reports citing Xinhua.
Between January and March, Finnair's turnover increased by 73.8 percent to 694.7 million euros (765.83 million U.S. dollars), from 399.8 million euros one year earlier. Its comparable operating result was 0.9 million euros, compared to a loss of 132.9 million euros in the corresponding period in 2022.
According to Arvopaperi, a Finnish monthly business magazine, both the airline's turnover and comparable operating profit beat expectations. Analysts had previously expected a comparable loss of 9 million euros and a turnover of 648 million euros for Finnair.
Strong demand and effective strategy implementation led to break-even results during the seasonally weakest quarter, explained the company in its interim report.
"The year started on a positive note, as Finnair achieved a marginally positive comparable operating result in the seasonally weakest first quarter. In addition, this was the third consecutive profitable quarter after ten loss-making quarters caused by the pandemic and the closure of Russian airspace," said Topi Manner, CEO of Finnair.
Uncertainty in Finnair's operating environment continues, with high fuel prices and no end in sight for the closure of Russian airspace. The extent of the impact of inflation and rising interest rates on demand and costs also remains uncertain. (1 euro = 1.1 U.S. dollar)