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MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Finnair Oyj    FIA1S   FI0009003230

FINNAIR OYJ

(FIA1S)
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Finnair Oyj : sees steep third-quarter loss, shares drop

07/24/2020 | 01:47am EST
FILE PHOTO: A Finnair Airbus A320 aircraft prepares to take off from Manchester Airport in Manchester

Finnair plunged to a second-quarter loss as the coronavirus pandemic kept most flights grounded, and said it would make a similar loss this quarter, despite an increasing number of flights.

Shares in Finland's flagship airline fell 4.5% to 0.50 euros in early Friday trading.

"As ramp-up is an investment, and there are costs associated with it, and Finnair will be running with clearly reduced capacity, the comparable operating loss in Q3 will be of a similar magnitude than in Q2," the company said.

Finnair, which is 55.8% state-owned, made an underlying operating loss of 174.3 million euros (158.79 million pounds) in April-June, compared with a 47.2 million profit a year earlier.

The second-quarter loss was in line with analysts' forecasts, but their consensus estimate for the third quarter currently stands at 30.4 million euros, according to Refinitiv Eikon data.

Finnair plans to operate 25% of its flights in July and around 50% in September.

"There are uncertainties relating to COVID-19 development and lifting of travel restrictions. As a result, the outlook remains unclear and the company does not provide revenue guidance for Q3," the airline said.

Airlines across the world have been scrambling to raise cash and slash costs after lockdowns to contain the virus brought global air travel almost to a halt.

Finnair raised 501 million euros earlier this month from an oversubscribed rights issue and has also received state and bank guarantees for a 600 million euro loan as it moves to bolster its finances.

"Thanks to the timely and comprehensive financing measures, our cash position remained strong at approximately 970 million euros after we received the last proceeds from the rights issue in early July," Chief Executive Topi Manner said in a statement.

By Tarmo Virki


© Reuters 2020
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Financials
Sales 2020 837 M 1 011 M 1 011 M
Net income 2020 -622 M -752 M -752 M
Net Debt 2020 1 349 M 1 630 M 1 630 M
P/E ratio 2020 -1,16x
Yield 2020 -
Capitalization 956 M 1 156 M 1 155 M
EV / Sales 2020 2,75x
EV / Sales 2021 1,26x
Nbr of Employees 6 535
Free-Float 42,9%
Chart FINNAIR OYJ
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Finnair Oyj Technical Analysis Chart | FIA1S | FI0009003230 | MarketScreener
Technical analysis trends FINNAIR OYJ
Short TermMid-TermLong Term
TrendsNeutralBullishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 0,57 €
Last Close Price 0,68 €
Spread / Highest target -4,34%
Spread / Average Target -16,1%
Spread / Lowest Target -29,4%
EPS Revisions
Managers and Directors
NameTitle
Topi Manner Chief Executive Officer
Jouko Karvinen Chairman
Jaakko Schildt Senior Vice President-Operations
Mika Stirkkinen Chief Financial Officer
Jaana Maija-Liisa Tuominen Independent Non-Executive Director
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