After trade shutdown SAS posts “positive result”

SAS moves quickly to announce €66 million in Q3 earnings

Following what it calls “numerous rumours in the Scandinavian media” and a dramatic announcement this morning that trading in the company’s shares would be suspended, SAS has quickly moved to announce it will report on 8 November a positive result for the third quarter on this year, with SEK 568 million (€66 million) in earnings before tax. Passenger revenue growth was 9% and unit cost reduction was 6%.
“In a very difficult and competitive industry environment, the positive development in Q3 is proof that implementation of the 4 Excellence strategy has proceeded according to plan,” SAS says in a statement.
SAS adds that it has for some time signaled the need for significant further efficiency improvements in order to secure its long-term competitiveness. It is currently finalising “a comprehensive plan to fundamentally address its cost on a long-term basis, to increase cost flexibility, reduce complexity and also reduce the effect of the potential equity write down in 2013 due to pension accounting changes”.
It estimates the financial benefit from this plan to amount to around SEK 3 billion in earnings before tax. The plan encompasses disposals of non-core assets. A board decision on the plan is expected to be made and communicated in the near future. SAS has available credit facilities of SEK 4.7 billion that will expire in June 2013. It is currently in negotiations on the extension and amount of its credit facility.
Yahoo Finance
[pictured: SAS Airbus A340; courtesy SAS]


Check Also

SAS Plus, business, upgrade, bid, eurobonus, points, pay

SAS passengers can upgrade bonus flights

SAS customers can bid for upgrades to SAS Plus or SAS Business – including flights booked with EuroBonus points.

Bombardier, Dash-8, crash, accident, Bangladesh, Bangla, accident, SAS, plane, turboprop, survivors

Crashed Nepal plane once flown by SAS

Survivors of the crash in Nepal describe moments of terror on the Dash 8 turboprop, which was previously owned by SAS.

Greece, Rhodes, SAS, route, flights, Stockholm, Sweden, summer, 2018

SAS to fly from Stockholm to Rhodes

The airline will launch a fifth route to Greece this summer season, building on its leisure destinations.

Star Alliance, airlines, digital, technology, share, data, members, mobile, app, website, seat, book, interoperability

Star Alliance improves digital inter-usability

The alliance creates a digital services platform for customers using more than one member airline.

sas, results, traffic, passengers, January, 2018, capacity, stats

SAS load factor falls dramatically

Scandinavian carrier reports a fall in January in both passenger numbers and load factor.

Widerøe, Oslo, Billund, Bergen, strategy, aviation, Embaer, E2, E190, launch, flights, jet, Finnair, SAS, routes, Norway, Tromso, Bodo

Big moves ahead for Widerøe

One small step for the market, one giant step for Widerøe, Norway’s 84-year-old regional airline, as it steps into the jet era in April 2018.