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SAS reports an impressive expected resounding lossWednesday, 08 February 2012
The airline SAS reported a loss before tax of Skr2.077 million in the fourth quarter of 2011. This compares with a loss of Skr463 million the same period the year before.
Analysts had on average expected a loss of Skr2.141 million, according to Reuters.
Sales amounted to Skr10.164 billion, compared to Skr10.653 million a year earlier.
The company writes that the result was a "positive income before nonrecurring items for the full-year 2011 but greater challenges in 2012 - Spanair's bankruptcy implies an impairment charge of Skr 1.7 billion."
It continues that “We were unable to deliver marginally positive earnings for the full-year 2011 as previously communicated due to Spanair filing for bankruptcy and the subsequent requisite impairment corresponding to SEK 1.7 billion. As dissatisfactory as it may be, after adjustments for the effects of Spanair, we delivered marginally positive earnings. All in all, income before tax and nonrecurring items was MSEK 94 for the full-year 2011, an increase of MSEK 538 year-on-year.”
Full reports could be traced here
By Scancomark.se Team
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