Manufacturing Industry
Finnair reports rise in third quarter profit
Airline Industry Information, Nov 16, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Finnish airline Finnair has announced a rise in third quarter profits to EUR8.7m for 2004, up from EUR6.8m in the same period of 2003.
The airline said that cost savings and an increase in fares had helped push the airline into profit for the third quarter of 2004 but that it was set to end the year in the red due to rising fuel costs and a price war in the Nordic region. A spokesperson of the airline said that despite Finnair ending 2004 in the red it had the capability to end 2005 in profit.
Finnair raised its ticket prices in May and August 2004 to offset higher costs and was helped into profit by a cost-cutting programme started in 2003. The airline has raised its estimate for extra fuel costs from EUR50m to EUR55m, reports Reuters.
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