Finnair posts first quarterly profit since 2019

Finland's national carrier Finnair Friday reported its first positive quarterly operating profit since 2019 and said it expects strong demand to continue as it overhauls its strategy. A triple blow from the COVID-19 pandemic, Russian airspace closure and high fuel prices has taken its toll on the airline, which announced a new strategy last month in order to return to profitability. "A positive operating result in the seasonally strongest third quarter is a step to the right direction, but we have a long journey ahead of us to nurse the company back to health," Finnair's CE Topi Manner said. Shares in the company were up around 5% in morning trade after the results. Finnair began seeking new commercially-feasible routes after the closure of Russian airspace due to the war in Ukraine cut off its previously lucrative Asian connections via a short northern route. The company expected demand to continue to be strong but significant uncertainty in its operating environment led it to cut its guidance for the use of its total capacity in the fourth quarter, to 80% from 80-85%, citing leases of aircraft to other airlines for the reason. The airline reported a comparative quarterly operating profit of E35.2m for Q3, compared to a E109.1m loss a year earlier.<br/>