Finnair lowers its prediction for 2018

National flag carrier Finnair predicted on Thursday its business result for 2018 will be somewhat less than 2017.

In 2017 its profit stood at 170 million euros. Earlier in July this year the airline predicted the same result could be achieved.

The profit in Q3 of 2018 declined 10 million euros from last year to 108 million. Fuel cost has risen by a third compared with last year.

The company explained also that the hot summer in Finland decreased demand and Asian weather conditions caused delays and cancellations.

Topi Manner, a senior executive from Nordea Bank, will succeed Pekka Vauramo as the CEO of Finnair in January 2019. Vauramo will take the position as CEO of the Finnish industrial company Metso in November.

A financial incentive program for Finnair pilots has collapsed as the savings agreed with the pilots union in 2014 will not materialize by the end of this year as they were supposed to. With the collapse Finnair saves 11 million euros.

Finnair stock has declined 51.9 percent from the start of 2018. On Thursday it opened at 6.125 euros and closed at 6.430.

Finnair is a state majority owned company and listed in Nasdaq Helsinki.