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SAS reports summary for November-January 2012-2013

  • Revenue: MSEK 9,597 (9,299)
  • Traffic: up 4.3 percent
  • Passenger revenue adjusted for currency: up 6.3 percent
  • Income before tax and nonrecurring items: MSEK -801 (-656)
  • EBIT margin: -6.1% (-10.4 percent)
  • Income before tax: MSEK -823 (-2,686)
  • Net income for the period: MSEK -630 (-2,541)
  • Earnings per share: SEK -1.91 (-7.72)
  • Cash flow from operating activities MSEK -441 (-662)

Losses continues for SAS but the looses reduced as a results of intense austerity

Friday, 08 March 2013
Scandinavian Airlines SAS, reports loss before tax of Skr823 million for the period November 2012 - January 2013. That compares with a loss of Skr2.686 million the same period a year earlier.

Analysts had expected a loss before tax of an average of Skr836 million, according to analysts compilation report.

Sales amounted to Skr9.597 million, compared to Skr9.299 million a year earlier.
SAS Chief Rickard Gustafson is far from happy for it was another loss quarter.
"Our focus is to continued to implement the action plan and the ambition to achieve a profit before tax for the full year remains unchanged," he writes in the report.

In the mean time, SAS Group's February 2013 traffic figures was also released and it show that  the Scandinavian flyer carried 2.0 million passengers in February, down 2.6 percent.
SAS Group's capacity (ASK) was up by 1.7 percent and the Group's traffic (RPK) increased by 1.1 percent the company writes in a statement. The company's load factor decreased by 0.4 p.u. to 66.4 percent.

Sas contend that it overall market demand continues to be good, although unpredictable due to risk in the global economy. Despite that yield has been somewhat more stable in recent months, the over capacity on certain routes adds uncertainty to the yield and RASK outlook going forward and the SAS Group expects a negative trend for the RASK and yield for the full year 2012/13.

In the interim report for the first quarter of SAS broken financial year, the  company on Tuesday announced that it has reached a memorandum of understanding with a view to sell land the service with 5,000 employees at Swiss Swissport - a deal that is part of the company's crisis plan (4XNG) to create profitability.

4XNG plan is expected to continue to deliver an impact of approximately Skr 3 billion, with Skr1.5 billion in 2012/2013 and Skr1.2 billion in 2013/2014.

Restructuring costs for the program are still estimated to approximately Skr 1.5 billion, with approximately Skr1 billion was charged against earnings last financial year and a further Skr0.4 billion are expected to impact earnings in 2012/2013.
The plan is self-funded and requires no capital, the report says.
by Team

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