Finnair turns a profit in Q4 after cost cuts
- Associated Press
- February 8, 2013 - 2:24 AM
HELSINKI - Higher revenues and lower operational costs have helped Finnair PLC return to profit in the last three months of 2012.
The Finnish airline says Friday its net profit of (EURO)1.2 million ($1.6 million) came on the back of a 6 percent rise in revenue to (EURO)613 million compared to a year earlier, because of increased passenger traffic in Europe and Asia.
The profit contrasts with 2011's equivalent loss of (EURO)32 million.
Struggling with high costs and tough competition from budget airlines, Finland's national carrier has slashed personnel by more than 9 percent in a year to 6,800 and says further cuts are possible.
Finnair gave a mildly optimistic outlook saying it expects an "operational profit" in 2013.
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