Finnair turns a profit in Q4 after cost cuts

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Associated Press

Posted on February 8, 2013 at 5:02 AM

Updated Friday, Feb 8 at 5:02 AM

HELSINKI (AP) — Higher revenues and lower operational costs have helped Finnair PLC return to profit in the last three months of 2012.

The Finnish airline says Friday its net profit of €1.2 million ($1.6 million) came on the back of a 6 percent rise in revenue to €613 million compared to a year earlier, because of increased passenger traffic in Europe and Asia.

The profit contrasts with 2011's equivalent loss of €32 million.

Struggling with high costs and tough competition from budget airlines, Finland's national carrier has slashed personnel by more than 9 percent in a year to 6,800 and says further cuts are possible.

Finnair gave a mildly optimistic outlook saying it expects an "operational profit" in 2013.

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