Finnair reports 3rd year of losses in 2022

National flag carrier Finnair has reported a third consecutive year of losses, despite nearly tripling its turnover in 2022, reported Xinhua.

Finnair Group's financial report, published on Wednesday, shows that between January and December last year the group's revenue surged by 181.1 percent to 2,356.6 million euros.

The corresponding number in 2021 was 838.4 million euros.

However, the comparable operating result was a loss of 163.9 million euros in the whole year of 2022. Meanwhile, a loss of 468.9 million euros was reported in the previous year.

Finnair's CEO Topi Manner said that the group's comparable operating result had been positive for the second consecutive quarter. "This is yet another important step in the right direction, but the road towards profitability on an annual level is a long one and full of challenges in the operating environment."

The airline estimates that its 2023 revenue will significantly increase year-on-year. Although continuing general economic uncertainty will weaken the visibility of travel demand development during 2023, with the effects of the pandemic fading due to the re-opening of China, Finnair expects normal seasonality to return.

However, the airline admitted that significant uncertainty in Finnair's operating environment will continue, as fuel prices are still high. In addition, the Russian airspace closure and the impact of inflation on demand and costs are as yet unclear.