Finnair in Q2 net loss of $33 million

By the Associated Press | August 5, 2011 | 2:43 AM EDT

HELSINKI (AP) — Finnair PLC has reported a second-quarter net loss of $33 million (euro23million) as the airline was hit by high fuel costs, the Fukushima disaster and disruptions in the Middle East.

The airline says net loss in April through June narrowed from a loss of euro28 million a year earlier. Revenue grew 14 percent to euro540 million, from euro473 million in the same period in 2010.

The Finnish national carrier said Friday that "profitability had not matched expectations," citing increased competition and "more efficient business models that had entered the market."

Finnair said that although it expects a profit in the second half of the year the full-year result will still be in the red.