On July 24, Finnair had published their half year financial statement, reporting €172 million in losses for their second quarter of 2020.
The company’s overall revenue has plummeted from €789.1 million from Q2 in 2019, to €68.6 million in 2020, a total of 91.3% decrease. According to Finnair’s statement, the COVID-19 situation has resulted in a 97.9% decline in passenger revenue.
With a strong emphasis in the industry on loss minimization and survival, Finnair reports having been focused on liquid funds, which have amounted to €750 million in Q2 of 2020 with an increase from the previous period’s €642.7 million.
Under the effects of heavy losses, the company hopes the recovery of air traffic to begin in stages starting July 2020. Finnair estimates the recovery period to range between two to three years as per their 2020-2025 financial plan.