Finnair Group posts first-quarter 2020 financial results

Finnair ©AirTeamImages

Finnair Group has posted first-quarter 2020 results. Revenue decreased by 16.0% to €561.2 million compared to €668.2 million the previous year. Unit revenue (RASK) decreased by 7.3%, unit cost (CASK) increased by 5.1%. Unit cost excluding fuel increased by 4.0%.

Fuel costs decreased by only €1.3 million (-0.9%). The coronavirus-related decline in capacity was almost fully netted by the impact of the fuel price.

The comparable operating result was €-91.1 million compared to €-16.2 million the prior year. The operating result was €-95.6 million compared to €-17.6 million in 2019.

Financial net expenses increased significantly, with €55 million of the increase related to jet fuel and foreign exchange hedging that was reclassified from other comprehensive income.

Net cash flow from operating activities was €-133.5 million compared to €148.3 million in the first quarter 2019, and net cash flow from investing activities was €-67.3 million compared to €-70.2 million. (€1.00 = US$1.08 at time of publication.)

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