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Finnair plans to double savings program
Source: Agencies |
June 6, 2009, Saturday
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FINNAIR PLC said yesterday it will double its savings program to 200 million euros (US$285 million) - with most of the new cuts aimed at personnel costs - as the economic downturn continues to hit air travel worldwide.
The Finnish airline had earlier announced savings of 100 million euros, 600 job cuts and said it would lay off 6,000 workers for a few weeks at a time for periods of about two weeks during 2009.
"Previously completed savings measures are not sufficient," deputy CEO Lasse Heinonen said. "We have to adjust our costs in line with the fall in turnover," which he said had dropped by 15 percent since the beginning of the year, compared to the same period in 2008.
"Our biggest cost item is staff costs, which represent about a quarter of all our expenses and that is why savings targets must focus in that direction," Heinonen said.
Some 70 million euros of the new cuts would be "aimed at staff costs" in 2010, Heinonen said.
The Finnish airline had earlier announced savings of 100 million euros, 600 job cuts and said it would lay off 6,000 workers for a few weeks at a time for periods of about two weeks during 2009.
"Previously completed savings measures are not sufficient," deputy CEO Lasse Heinonen said. "We have to adjust our costs in line with the fall in turnover," which he said had dropped by 15 percent since the beginning of the year, compared to the same period in 2008.
"Our biggest cost item is staff costs, which represent about a quarter of all our expenses and that is why savings targets must focus in that direction," Heinonen said.
Some 70 million euros of the new cuts would be "aimed at staff costs" in 2010, Heinonen said.
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