Scandinavian Airlines System (SAS) today reported its financial and operating results for the fiscal year ending in October.
Factors such as high fuel prices, operational disruptions due to staff shortages during last summer and the pilots’ strike in July had an impact on the final result.
Despite the losses, the airline noted that between August and October it recorded the highest number of passengers carried since the start of the pandemic. In addition, its total capacity increased by 15% compared to the previous quarter and grew by 52% year-on-year.
SAS also noted that demand for air travel remained buoyant during the summer season and kept stable during the beginning of the fourth quarter of the fiscal year, before experiencing an expected decline in October.
The Danish, Norwegian and Swedish-based company also noted that it continued to make progress with its SAS FORWARD restructuring plan and already achieved progress in the Chapter 11 process during the fourth quarter. “In recent months we have reached agreements with aircraft lessors on concessions and various cost saving initiatives in line with our objectives”, SAS said in a press release.
Main SAS financial results for the fiscal year, expressed in Swedish kronor (SEK)
1 SEK = USD 0.095
- The multinational carrier reported a net loss of SEK 7.048 billion (EUR 646 million) in the period, up 8% from a year earlier.
- Between August and October, the net loss was SEK 1.238 million (EUR 113 million).
- Net operating profit recorded a negative value of EUR 305 million, 48% less than the previous year.
- Turnover increased by 128% to EUR 2.915.
- During the fourth quarter of the fiscal year, total revenues increased by 24% compared to the previous quarter. The figure represents a year-on-year improvement of approximately SEK 4.9 billion, but still 21% below the fourth quarter of 2019, the last year prior to the start of the pandemic.
