Turnover increased by 105.3% to 298.4 million euros and the operating profit margin turned positive to 65.4 million euros, an increase of 340.8%.
Despite the positive development, the company’s operating profit remained loss-making and was EUR 52.3 million in loss, although it is 60.0% better than a year earlier. Due to China’s COVID-19 restrictions and the closure of Russian airspace to EU countries, the low number of exchange trips between Europe and Asia affected the company’s financial result.
Helsinki-Vantaa’s income, which is usually used to finance the operation of several regional airports, was not enough to cover the losses. The company is running a 300 million euro savings program to minimize losses.
CEO of Finavia Kimmo Mรคki, expressed his optimism about the company’s future, saying that the strategic goals for 2023 are dedicated and motivated personnel, business growth and financially sustainable operations. He also mentioned that the growth of the company’s turnover was influenced by the increased volumes of air traffic and other revenues.
In the future, the company estimates, based on the current view of the development of air traffic, that the turnover in 2023 will be higher than in 2022. However, the war started by Russia and the related airspace closure may slow down the development of air traffic in the long term.
The company’s board of directors proposed to the annual general meeting that the dividend will not be distributed due to the loss for the financial year. The Finnish Civil Aviation Authority’s financial statements, administration and remuneration statement, as well as the annual report and corporate responsibility information are available on the company’s website.
HT
Source: The Nordic Page