Finnair today released its first-quarter report and a trading update on how Covid-19 is affecting its flight activity and financials.

Finnair

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:

Download (PDF, 1.6MB)

Conclusion

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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