Finnish flag carrier Finnair sees annual sales near pre-COVID levels

Finland's national airline Finnair (FIA1S.HE) on Tuesday forecast 2023 results at pre-pandemic levels or close to them, saying the COVID-19 impact had faded and the markets had adapted to the closure of Russian airspace. The carrier delivered positive operating earnings for the fifth quarter in a row, as it recovers from the pandemic and Russia's airspace closure following its invasion of Ukraine, which challenged Finnair's previously Asia-focused strategy. Finnair's comparable operating profit rose to E94.3m in Q3, a 168% jump from a year earlier, when it reported its first positive result since 2019. However, it said higher fuel prices had hurt the earnings towards the end of the quarter. The airline said it expected annual revenue of between E2.9b and E3.1b, with the top end in line with its 2019 sales figure. It had previously said 2023 sales would be significantly above last year's. It also forecast comparable operating earnings of E160–200m for the year, against its prior guidance of 150–210m. This compares to a profit of E162.8m in 2019.<br/>