Finnair made a profit of some 35 million euros last year, a big improvement on a loss of nearly 90 million euros posted in 2011. The company’s chief executive said that the company still had to target new savings
Results were helped by an improved final quarter. In 2012 the company’s profit for the October-December period was 2.7 million euros, compared to a loss for the same period in 2011 of 30 million euros.
The last year for which Finnair turned a profit was 2007. The company’s savings programme has improved the balance sheet by 100 million euros annually, but Finnair leadership says there is still room to cut costs further.
"There’s still room for improved efficiency in Finnair’s operations," said CEO Mika Vehviläinen in a stock exchange release. "The partnership agreements made during last year make room for further process development and re-evaluating of functions and structures. The aim is to question existing practises and to rethink, in what ways we could improve our profitability."
Vehviläinen also thanked staff, customers and shareholders at the end of his final year at the company. He leaves Finnair soon to take up a post at Cargotec.