Airline lost €17.7 million in first quarter of 2013
Finnair appears to have slipped back a step as it reported a bigger-than-expected loss for the first quarter of 2013. The underlying loss of €17.7 million compares with a €24 million loss for the same period in 2012.
The result dampens hopes for a faster turnaround following significant cost cuts and an expansion of profitable long-haul routes. It also adds pressure on the airline’s new CEO, Pekka Vauramo, to complete the turnaround begun by his predecessor Mika Vehvilainen.
Airline industry analysts say the company will have to slash more costs, such as wages and working hours, in the face of stiff resistance from unions.
[pictured: Finnair Airbus A340; courtesy Finnair]