Strong Q3 result for SAS airlines

altThe Scandinavian Airlies System (SAS) has reported a pre-tax result of SEK 1.1 billion SEK for the third quarter, nearly SEK 400 million more than in the same quarter last year.

- It is gratifying that our robust and sweeping restructuring program is having the anticipated effect and SAS exits the third quarter strongly with a positive income before tax of MSEK 1,120. We have made substantial progress in the implementation of our plan to improve our financial position. When the sale of Widerøe is concluded in September, we will have completed the sale of assets corresponding to about SEK 2.7 billion, says Rickard Gustafson, SAS President and CEO in a comment.

- In parallel, during the quarter, we were able to increase traffic through a significant improvement in productivity. During the summer, 32 new routes were opened, which contributed to increased passenger revenue at the same time as operating expenses decreased. We have signed a letter of intent with Airbus regarding the renewal of the SAS Group's long-haul fleet, which bolsters our long-term competitiveness. Competition in European air traffic remains very intense. Consequently, our focus is on completing the entirely necessary transition to a lower and more flexible cost structure, in parallel with our continued aggressive investment in our customer offering. Our forecast of achieving positive earnings for the full-year remains firmly in place, says Gustafson.

(NRK/Press release)

Norway

Banner 468 x 60 px