Blood Red for SAS

SASSAS.Photo: pixabay.com

SAS who report their results in Swedish Kronor (SEK, had a deficit of SEK 556 million for the first quarter of the fiscal year.

The airline provides a pre-tax loss of SEK 697 million. Corresponding figures for the same period last year was a negative result of SEK 309 million.

Higher oil prices and price competition presses results, reports Reuters.

Analysts had expected a loss of SEK 623 million Swedish kronor, writes Tidningarnas Telegrambyrå (TT) – referring to a Reuters source.

The Turnover was SEK 8,957 million, compared to 8.275 million from the first quarter in the same quarter last year.

– Based on the analysts’ predictions there were few surprises. This quarter is not quite as expected due to three things – higher oil prices, the strong US dollar and the new seat fee, Executive Vice President Eivind Roald commented to NTB Wednesday morning.

Roald points out that the oil price has been almost doubled compared to what the airline had to deal with last year, while SAS also had to pay 145 million for the seat surcharge.

– This leads to the result moving in the wrong direction, says The CEO

 

Source: NTB scanpix / Norway Today

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