Finnair posts Q1 loss
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Finnair has reported its results for the first quarter of 2011, with operating losses widening to EUR43.1 million (US$62.9 million). While the airline’s revenues increased 10.8% year-on-year to EUR533.7 billion in the January-March quarter, the increase in fuel prices combined with declining international load factors caused a sharp increase in expenses. “Finnair air traffic volume grew significantly, particularly on Asian and North American long-haul flights. There is once again overcapacity in the industry, as our competitors, like Finnair, prepare for expected growth in traffic. Our overall load factor was therefore significantly lower than in Q1 in 2010,” explained the airline’s CEO, Mika Vehvil
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