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Finnair profits take further nosedive in Q3

The state-owned airline’s revenue fell by 89% during July to September compared to the same period last year.

Hupuilla suojattu Finnairin matkustajakone Helsinki-Vantaan lentokentällä.
Restrictions on travel have led to Finnair operating a limited network throughout the third quarter of 2020. Image: Roni Rekomaa / Lehtikuva

Finnair lost 167 million euros during July to September this year as passenger numbers decreased by 89 percent thanks in large part to the coronavirus pandemic.

That means profits are down some 101 million euros compared to the same period last year.

The company’s revenue during Q3 also fell by 89 percent, to 97.4 million euros, down from 865 million euros last year.

"The pandemic continued to impact Finnair heavily during the third quarter," Finnair CEO Topi Manner wrote in the company’s interim report press release. "Travel restrictions, which are particularly strict in Finland, led us to deviate from our plans and we continued to operate a restricted network throughout the quarter. This was reflected in our passenger numbers, revenue and result."

In response to the latest figures, Finnair reiterated its "previous guidance" that the effects of the coronavirus crisis will have a significant impact on the company’s overall revenue and operating result for 2020.

Travel restrictions led to Finnair operating a limited network throughout the third quarter, with some flights operating despite having only a small number of passengers.

Despite the Q3 result, Manner outlined that the company is making efforts to adapt to the current economic circumstances.

"We also made good progress in achieving permanent cost reductions and have identified new savings opportunities. We are now increasing our target for permanent annual cost reductions to 140 million euros from the previous target of 100 million euros," he wrote.

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