Finland: Finnair reported less-than-expected profitability

Finnish flag carrier Finnair reported less-than-expected profitability during the July-September period.

Its operating profit declined to 100.7 million euros (112.03 U.S. dollars) from 118.2 million euros a year earlier. Business daily Kauppalehti reported that a consensus by analysts had presumed the figure to be 123 million euros.

Finnair suffered setbacks especially in the freight sector. The fuel costs grew by 16.8 percent and the impact of fuel price was 13 million euros, said the company.

Finnair’s CEO Topi Manner was quoted by Kauppalehti as saying that the result of Finnair turned out “as expected”. He said the decline in the demand for air freight is a worldwide phenomenon.

The overall turnover of the carrier showed a 7.9 percent increase to 870.3 million euros.

Finnair has recently increased its flight capacity. Kauppalehti noted that in September Finnair carried 10.4 percent more passengers than a year earlier.

Finnair is a publicly listed company, but the state of Finland has majority control. (one euro currently equals to 1.11 U.S. dollars)