Summary
- Finnair’s third-quarter financial results showed impressive year-on-year growth.
- Despite increased capability, Finnair achieved year-on-year load factor growth, and passenger traffic also grew.
- The airline also announced plans to refurbish the cabins of its Embraer E-Jet family regional aircraft in the approaching years.
Earlier today, Finnair took the chance to share its financial results for the third quarter of 2023 with the world. Like many airlines worldwide, the Finnish flag carrier has needed to take care of rising fuel prices in recent months. Nonetheless, it was in a position to record one other profitable quarter with year-on-year growth across the board.
By the numbers
Finnair’s third-quarter report card makes for nice reading for the airline and its executives, with its revenue between July and September having grown 13.7% year-on-year to €817.3 million ($871.7 million). This resulted in an overall third-quarter comparable operating profit of €94.3 million ($100.5 million), almost 3 times higher than its figure for Q3 of 2022. Finnair CEO Topi Manner explained that:
” This was the fifth consecutive quarter with a positive comparable EBIT driven by continued revenue optimisation and value efficiency as per our strategy. Our net result was also positive for the fourth consecutive time, this time 53 million euros.”
Photo: Kevin Hackert | Shutterstock
The Finnish flag carrier and oneworld member also had a robust third quarter from an operational perspective, with a load factor of 80.9%. This also represented a year-on-year increase, albeit a small one, in comparison with last yr’s 80.1%.
Passenger numbers are on the rise
What makes this slight load factor growth more impressive, nevertheless, is the undeniable fact that it was achieved against a backdrop of increased capability. Indeed, Finnair’s Q3 capability was 11.8% higher than in the identical period last yr, with a grand total of 9.344 billion available seat kilometers. Overall Q3 passenger traffic grew from 2.8 million to a few million, with Manner highlighting one other milestone:
“In July, the monthly number of consumers exceeded a million for the primary time because the starting of the COVID-19 pandemic.”
Photo: Vincenzo Pace | Easy Flying
Despite a busy quarter on the passenger front, Manner adds that “.” Finnair managed an on-time performance percentage of 82% between July and September, with Manner noting that “.”
A giant day of reports at Finnair
Because it happens, the publication of the carrier’s third-quarter financial results is not the only big announcement that Finnair has shared with the world today. Indeed, this morning also saw the Helsinki-based airline reveal its plans to refurbish the cabins onboard its Embraer E-Jet family regional aircraft in the approaching years.
In keeping with Finnair, the carrier will draw inspiration from the recent refurbishment of its long-haul cabins, which most notably featured the installation of its non-reclining business class seats. The airline plans to undertake this renewal program in 2024 and 2025, with the primary refurbished Embraer E190LR re-entering service at the top of next yr. Finnair has 12 of those Brazilian jets at its disposal.
What do you make of Finnair’s third-quarter performance? Did you fly with the carrier between July and September? Tell us your thoughts and experiences within the comments!