Finnair Group reported a revenue of €749.2 million, almost 36.2% more than the first half (H1) of 2022. Strong quarter driven by strong demand and successful strategy implementation has led to Finnair Group post positive results for first half (H1) of 2023 from January 1 to June 30, 2023.
For Q2 of 2023 from April to June 2023 the Group reported comparable operating result of €66.2 million while the operating result was €65.8 million with cash funds worth €1,530.6 million.
For Q2 the group reported net cash flow from operating activities to be €175.8 million while gross capital expenditure totalled €62.5 million.
Commenting on the results, Topi Manner, chief executive officer, Finnair said: “The second quarter was a strong one. We carried 2.8 million customers and had a passenger load factor of 76 per cent. Our comparable operating profit was 66.2 million euros. Looking back, I’m proud of how the entire Finnair team has brought the company out of the pandemic and adapted to Russian airspace closure by defining a new strategy and implementing it successfully.”
The available seat kilometres (ASK) increased by 17.5% to 9,212.8 million kilometres and passenger load factor (PLF) was 76.3%. Net cash flow from operating activities was €382.6 million while gross capital expenditure totalled €136.2 million.
The Group carried 5.4 million passengers in H1 with an increase of 39.8% over the same time last year. The available seat kilometres (ASK) increased by 20.4% to 17,763.0 million kilometres while the passenger load factor (PLF) was 75.7%
Going ahead the Group expects the travel demand to continue stronger than previously anticipated.
Contrary to the previous guidance, the company estimates that the comparable operating result will probably reach or even exceed the 2019 level of €162.8 million. In terms of 2023 revenue, Finnair still estimates that it will not yet reach the 2019 level of €3,097.7 million.
“In June, we announced that we would reach our previous strategic profitability target, i.e., a comparable operating profit margin of at least 5%, 12–18 months earlier than previously estimated. We are now able to raise our strategic profitability target to 6% by the end of 2025. In addition, we intend to call our 200-million-euro hybrid bond in early September. We have also made some updates to our strategy. We are aware that our work is not done, and we continue to implement our strategy in a determined manner,” Manner added.