Finnair reported revenue increases of 66.2% for the final three months of 2022 and 181% for the full year, despite "exceptionally high" fuel costs.
The carrier said its "comparable operating result was positive for the second consecutive quarter"as it turned a €53.3 million profit.
Revenue for the quarter hit €687.3 million and topped €2.5bn for the year, though the carrier reported "adverse cost impacts" from fuel of €94 million and €375 million for the periods.
Earnings per share were -0.36 euros (-0.34) for the year, the carrier said. Finnair Plc’s distributable equity amounted to -€291,913,121.87 on 31 December 2022. In turn, the board of directors proposed that no dividend be distributed for 2022.
Cash funds were €1.524bn and the equity ratio 9.9 per cent, with the net cash flow from operating activities for the year coming to €259 million, down €25 million on 2021, while net cash flow from "investing activities" was -€75.5 million.
The results came after passenger numbers revived throughout 2022, with 2.5 million recorded during the October to December quarter and 9.1 million for the year, a near-220% increase on 2021. The 2022 passenger load factor topped 67%, up significantly on the 2021 42%.
The carrier largely repeated guidance published in 2022, saying it predicts "strong demand for travel" would continue into 2023, when the carrier marks its centenary, but warning of "significant uncertainty in Finnair’s operating environment".
The risks cited included high jet fuel costs, the impact of inflation and the closing of the vast airspace over Finland's neighbour, Russia, which has forced the carrier into long diversions to reach east Asian destinations.
For 2023, the flag carrier said it expects to operate an average capacity of 80–85% compared to 2019, with the percentage to be "impacted by the development of demand, e.g., increase in travel in Chinese routes, and potential leases of aircraft with crew to other airlines", it added. It said it hopes numbers will be lifted by the opening of new routes to the Middle East and the re-opening of Asia routes.
It does not expect 2023 revenue to reach 2019 levels, however, due to the impact of fuel costs and the Russian airspace closure.