Finnair sees steep Q3 loss, ramping up flights

Finnair plunged to a Q2 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. "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," it said Friday. Finland's flagship airline, 55.8% state-owned, made an underlying operating loss of E174.3m in April-June, compared with a 47.2m profit a year earlier. The Q2 loss was in line with analysts' forecasts, but their consensus estimate for Q3 currently stands at E30.4m, 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.<br/>