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Finnair back in profit, confirms ownership changes

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Full-year 2012 net profit reported as €11.8 million

As expected, following a period of intensive restructuring, Finnair has reported a full-year net profit for 2012 of €11.8 million, its first full year of profit since 2007. The results are a reversal of the 2011 loss of €87.5 million. The airline’s president and CEO Mika Vehvilainen, who will leave his post at the end of this month, said the results were “quite satisfactory” and a “solid business performance”.
Operating profit for the year was €44.9 million, and revenues increased by 8.5% to €2.4 billion. Load factor stood at 77.6%, up 4.3 percentage points.
In 2011, Finnair launched a plan to save €140 million in costs, including €80 million in 2012. But the airline achieved €100 million of savings in 2012, leaving it with only €40 million of the original target for 2013.
Vehvilainen also confirms that a parliamentary committee in Finland is looking at changing the airline’s ownership rules. “At the moment, there is a requirement that the state owns the majority of Finnair. There is a proposal to take away this requirement, meaning that the government could open up the ownership of Finnair at a later stage,” he said. “It will become visible or public very soon. I don’t know the timings exactly, but my guess is that we will be hearing more about that in the near future.”
ATW
[pictured: Airbus A340-300; courtesy Finnair]

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