Finnair posts loss, CEO resigns
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Finnair has posted a second quarter net loss of EUR32.5 million (US$46.1 million), on the back of an 8.5% reduction in passenger traffic and 11.7% capacity cuts. The carrier’s turnover fell 21.6% EUR427.4 million, and following the poor performance, Finnair’s President & CEO, Jukka Hienonen, resigned his position.
“Our sector is facing its deepest crisis. Finnair, too, has suffered from the collapse of average prices caused by the decline in air travel. Turnover has been undermined by reduced demand and weaker price levels,” lamented Hienonen, prior to his resignation. He had held the position for the last four years.
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