HELSINKI, Finland, Jan. 15, 2003 (PRIMEZONE) -- Finnair Other (Other OTC:FNNNF) has provided for any rise in fuel prices that may result from a possible war in Iraq.
"Determining the degree of hedging is a challenge, owing to the possibility of price changes both upwards and downwards during the next six months. We have, however, raised our hedging for the first quarter to more than 70 per cent, compared with our normal level of 50-60 per cent," said Finnair's President and CEO Keijo Suila at an investor seminar arranged by Enskilda Securities in Copenhagen on Wednesday.
Finnair uses jet-fuel derivatives to hedge against changes in the price of fuel. At present, fuel accounts for more than ten per cent of Finnair's total costs.
For further information: Taneli Hassinen, Financial Communications Officer tel. +358 9 818 4976 or +358 40 504 3321
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