Finland’s national carrier Finnair recently posted its first positive quarterly comparable operating profit since the final quarter of 2019, although its net result remained in the red.Last month, the airline announced a new strategy in order to return to profitability after being hit by a triple blow from the Covid-19 pandemic, Russian airspace closure and high fuel prices.
Finnair began seeking new commercially-feasible routes after the closure of Russian airspace due to the war in Ukraine cut off its previously lucrative Asian connections via a short Northern route.
The airline reported a comparative quarterly operating profit of EUR 35.2 million (USD 35.1 million) for the third quarter, compared to EUR 109.1 million loss a year earlier.
“Nonetheless, the result for the period was still negative, EUR -37.2 million, due to high financial expenses resulting from heavy indebtedness and exchange losses caused by the strong dollar,” Finnair’s Chief Executive Topi Manner said in a statement.
Revenue increased by 261 per cent in July-September from a year earlier to EUR 719.2 million, the company said.
Finnair has said it is trying to build a geographically more balanced network by increasing cooperation with partner airlines as well as by adding more flights to India, the Middle East and North America via its home hub Helsinki.