Several major Finnish companies released their Q1 results on Wednesday, and the reports show the delayed effects of the Covid pandemic and the economic impact of Russia’s invasion of Ukraine.
Finnair launches a savings program
The national airline Finnair reported a loss of EUR 132.9 million in the first three months of 2022, which is slightly less than in the first quarter of last year.
However, the companyโs revenue grew 252 percent to โฌ 400 million as Covid restrictions were eased and passenger numbers increased (nearly 500 percent to 1.5 million).
In its press release, Finnair also announced that it will launch a new cost-saving program aimed at securing permanent savings of approximately EUR 60 million. Initially, these savings will come from distribution, aircraft lease agreements and continuous improvement, the company added.
"We are now preparing for the protracted closure of Russian airspace and have already begun to adapt our operations with a number of determined measures," the statement said. "As the cost-cutting program progresses, we will complement our long-term response to the closure of Russian airspace."
The company also stated that the EUR 60 million savings figure will be in addition to the EUR 200 million savings already achieved, although the closure of Russian airspace has had a significant impact on Finnair’s operating environment.
Telia makes translation an “absolute priority” in Finland
The Nordic telecommunications company Telia announced that adjusted EBITDA rose by 0.3 per cent to EUR 690 million in January-March this year, while net sales increased by 2.1 per cent.
EBITDA refers to net income (or profit) plus interest, taxes, depreciation and amortization and can be used to analyze and compare the profitability of companies and industries.
Telia’s President and CEO in the first quarter earnings release Allison Kirkby wrote that the turnaround in Finland during 2022 will be "absolute priority" For a company operating in the Nordic and Baltic countries.
"As improvements begin to show, we will have more work to do and stay on track to achieve a strengthened and lasting turnaround in the second half of the year." Kirkby stated.
He also stated that improvements are needed in the quality and brand outlook of Telia’s networks in Finland.
Source: The Nordic Page