Finnair today released its first-quarter report and a trading update on how Covid-19 is affecting its flight activity and financials.
Finnair loses €2M per day despite lowering expenses by 80% and plans to fly 5% of its usual capacity during the April – June quarter. The airline will have €500M share issuance (majority owner chips in), has access to €600M loan if needed, and can do sale/leasebacks with aircraft owned.
You can access Finnair here.
Here’s the Finnair’s presentation:
It never ceases to amaze me how much these airlines will always end up losing from their fuel hedges. The cost of these to Finnair was during this quarter €54M
Finnair has not announced any layoffs as of today, unlike SAS 50% (read more here) and BA 27% (read more here). I guess that the announcement comes after the Finnish government chips in the €500M.
There is no doubt that Finnair survives this pandemic as its financials are solid, and the majority shareholder is the State of Finland.
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