Finland's national carrier Finnair said Friday it was axing 450 jobs and mulling a "complete restructuring", as it announced net losses of 13.3 million euros ($18.1 million) last year. The fourth-quarter showed a net loss of 4.7 million euros, with burgeoning costs outweighing increased sales.
The company plans to cut jobs in "unprofitable" aircraft and parts maintenance work. "Our own competitiveness has weakened as costs have grown and we have had to consider a complete restructuring," said senior vice president of Technical Services Kimmo Soini. The company reduced annual net losses by 88 percent from 2009, buoyed by a 10 percent rise in sales to 2.023 billion euros, as the global economy recovered and travellers, especially business passengers, took to the skies again.