SAS turns to profit ushering a brighter future


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Wednesday, 17 August 2011
SAS airline reports a profit before tax of Skr729 million for the second quarter, compared with a loss of Skr600 million the same period last year. Revenues rose from Skr9.979 million to Skr11.229 million.
The company’s management has left forecast for the coming periods unchanged. The assessment is a positive result for the year 2011

The high gain was unexpected. Analysts had predicted a profit of Skr240 million, according to Reuters consensus poll.
"Best result since 2008, driven by cost savings and increased passenger growth," writes CEO Richard Gustafson in the report


Before the second half, the booking situation remained relatively stable, but a greater degree of uncertainty exists with reference to global economic development, SAS writes in the report.
Jet fuel prices and additional capacity in the market remains a challenge. SAS repeat that the assessment of capacity on the market in the Nordic countries is increasing by about 10 percent in 2011.

SAS stands for the market overall is expectation of growth by about 6 percent in 2011 and SAS plans to expand capacity at the corresponding level in the year.

SAS performance during the first half of the quarter was adversely affected by the earthquake in Japan by about Skr75 million. Previously, SAS considered the events in Japan would give a total negative effect about Skr100 million for the year 2011

The fuel surcharge that SAS has implemented during the second quarter had a positive impact on yield, which has stabilized somewhat since the previous quarter.
The company repeats the wording that the development of both yield and fuel prices remains uncertain.
By Team

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