Finnair reported an increase in revenue by 260.6% to reach €719.2 million in the Q3 of 2022. The airline closed the third quarter with cash funds at €1,608.9 million and an increase in passenger volume by 255.9% reaching 2.8 million. Finnair reported a net cash flow from operating activities to be € 11.8 million and a net cash flow from investing activities as € -0.4 million. However, the carrier reported a negative chart for the quarter at €-37.2 million, due to high financial expenses resulting from heavy indebtedness and exchange losses caused by the strong dollar.
Topi Manner, CEO Finnair, said: “During the summer, Finnair carried 2.8 million passengers, as the demand, which had been pent up during the pandemic, continued to materialize. Finnair’s revenue rose to 719.2 million euros (199.4), supported by the good development in unit revenues. Our comparable operating result was €35.2 million (-109.1) as our actions to reduce costs, improve sales and optimise revenues started to become visible. Nonetheless, the result for the period was still negative.”
In the first nine-month report from January to September 2022, Finnair reported an increase in revenue by 292.9% to €1,669.3 million. The airline reported steady growth in passenger numbers by 399.9% to reach 6.6 million with a net cash flow from operating activities of € 229.1 million and net cash flow from investing activities of - € 21.2million.
During the first nine months of 2022, the net cash flow from operating activities was €229.1 million and from investing activities was €-21.2 million.
The comparable operating result in the first nine months of 2022 was €-181.8 million and the operating result was €-238.6 million
Finnair estimated that in Q4 2022, it will operate at an average capacity of 70%, compared to the corresponding period in 2019.