July 24, 2020 / 6:13 AM / 23 days ago

Finnair plunges to Q2 loss after pandemic grounded flights

July 24 (Reuters) - Finnair plunged to a second-quarter loss as the coronavirus pandemic kept most flights grounded, and said it would make a similar loss this quarter, despite an increasing number of flights.

“As ramp-up is an investment, and there are costs associated with it, and Finnair will be running with clearly reduced capacity, the comparable operating loss in Q3 will be of a similar magnitude than in Q2,” it said on Friday.

Finland’s flagship airline, which is 55.8% state-owned, made an underlying operating loss of 174.3 million euros ($202.2 million) in April-June, compared with a 47.2 million profit a year earlier.

($1 = 0.8618 euros)

Reporting by Tarmo Virki in Tallinn; Editing by Mark Potter

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