Cost cuts yet to offset decline in Finnair's net sales
The third-quarter result of Finnair fell markedly short of the levels of last year as the wide-ranging cost cuts introduced by the national carrier failed to offset the decline in its net sales during what is traditionally its best quarter of the year. “The general economic situation and especially the situation in Finland characterised [the quarter],” CEO Pekka Vauramo commented during the airline's earnings call in Helsinki on Friday.
The lingering economic uncertainty, Vauramo pointed out, has affected both business and leisure travel. The corporate customers of Finnair, for example, are increasingly inclined to plan their trips well in advance in order to take advantage of lower prices.