LONDON (UK) – With the coronavirus pandemic keeping most flights grounded, Finnair recorded a second-quarter loss. The airline said it would make a similar loss this quarter in spite of an increasing number of flights.
“As ramp-up is an investment, and there are costs associated with it, and Finnair will be running with clearly reduced capacity, the comparable operating loss in Q3 will be of a similar magnitude than in Q2,” the airline said in a statement on Friday.
The flagship airline of Finland, which has 55.8% stakes in it, made an underlying operating loss of 174.3 million euros (158.79 million pounds) in April-June, compared with a 47.2 million profit during the same period a year earlier.
Finnair is expected to operate 25% of its flights in July and around 50% in September.
“There are uncertainties relating to COVID-19 development and lifting of travel restrictions. As a result, the outlook remains unclear and the company does not provide revenue guidance for Q3,” the airline said.
Earlier this month, the airline raised 501 million euros from an oversubscribed rights issue. It also received state and bank guarantees for a 600 million euro loan in a bid to boost its finances.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field