April 29, 2020 / 6:18 AM / a month ago

Finnair plans to raise 500 mln euros after losses widen

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April 29 (Reuters) - Finnair plans to raise 500 million euros ($543 million) through a rights offering, it said on Wednesday after reporting deepening first-quarter losses.

The loss per share widened to a 1.14 euros from 0.33 euros a year earlier. Analysts had forecast a loss of 0.60 euros per share, according to Refinitiv data.

On March 16 Finnair issued its second profit warning in three weeks, saying it would report a substantial comparable operating loss for 2020 because it was cutting about 90% of its normal capacity from the beginning of April in the face of the coronavirus pandemic. ($1 = 0.9217 euros) (Reporting by Tarmo Virki in Tallinn Editing by David Goodman)

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