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Sat, 01 Nov, 2014 12:03:28 AM FTimes - STT Report, Nov. 01  Finnair President and CEO Pekka Vauramo. File Photo – Lehtikuva. The profit before tax of the national flag carrier Finnair continued to decline in the third quarter. Finnair’s profit before tax in July-September was 21 million euros, compared to 36 million euros posted a year ago.
The turnover also declined by 2.2 per cent, just shy of 623 million euros, from nearly 637 million euros last year.
Finnair said its turnover estimates this year are expected to be significantly lower than in 2013 while its 2014 operating result is also expected to show a significant loss.
The decline in unit revenue caused primarily by the strengthening of the euro against key Asian currencies continued in the third quarter, although at a slower rate than earlier in the year, observed Finnair CEO Pekka Vauramo in a release.
Vauramo said in order to improve profitability, it is essential for Finnair to increase unit revenues and maintain control over costs.
Vauramo hailed the recent the savings agreement concluded with pilots and cabin crew, saying it will contribute to Finnair’s cost competitiveness from 2015 onwards.
“I am very pleased with the outcome of the negotiations, as they not only produce cost savings but also enable us to continue to develop our operations together with our personnel,” said Vauramo.
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