Finnair, which is predominantly owned by the state, reported a loss of 84.2 million euros (85.9 million U.S. dollars) with its revenues of 550.3 million euros in the second quarter of this year, while the company suffered a loss of 151 million euros in the same period of last year.
The result was affected by the longer flight routes following the closure of the Russian airspace as well as the historically high fuel prices which have almost doubled since the end of last year, said Finnair CEO Topi Manner in the press release.
The surge in fuel prices alone has resulted in around 126 million euros of additional costs in the second quarter, the press release said.
According to Manner, Finnair is facing the impacts of the Ukrainian crisis after being weakened by the COVID-19 pandemic.
He said the company is preparing a new strategy to improve its weak profitability and strengthen the financial position.
In spring, Finnair launched a 60-million-euro additional cost savings program, which is said to have progressed as planned. (1 euro = 1.02 U.S. dollars)
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