Finnair cuts down heavy looses but still made losses


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Friday, 05 August 2011
The Finnish airliner Finnair reported a profit before tax of €-30.2 million for the second quarter 2011 (-37.9). Expected, was a profit before tax of €-22.6 million.

The company says it is to launch an efficiency program in which an annual savings of EUR 140 million will be realised by 2014.

As such the company wants to immediately start discussions with staff of the said efficiency modalities.

Today, the company would not yet say how many jobs among its 7500 employees are threatened.  CEO Mika Vehvil´┐Żinen has called Finnair's position untenable, as compared to its competitors.

The company says it was especially affected by the disaster in Japan which pushed its result to the negative territory.  Unrest in the Middle East and high oil prices has also been blamed for the negative effect.

Finnair's interim results for the second quarter shows a loss of €23 million, compared to a loss of €27.8 million for the same quarter last year. The company's turnover increased by 13 percent to €539.4 million.
By Team

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