SAS quarterly loss narrows

SAS is undertaking a major restructuring plan
SAS is undertaking a major restructuring plan

Scandinavian Airlines (SAS) has posted an improved set of quarterly financial results.

In the three months from November 2012 to January 2013, the airline suffered a net loss of SEK630 million (US$98m) – considerably better than the SEK2.54 billion net loss it suffered in the same period last year. The airline’s passenger traffic increased 4.3% which helped drive a 3.2% increase in revenues, to almost SEK9.6bn.

SAS also saw a 2.7% reduction of costs, and while the airline’s President & CEO, Rickard Gustafson, said he was “far from satisfied” with the loss, he was pleased that SAS is starting to see positive results from its restructuring plans.

“SAS is continuing to deliver, step by step, in accordance with the restructuring plan that was presented in November of last year,” Gustafson said. “New market-based collective agreements have reduced our direct expenses and enable us to compete effectively in the growing leisure travel market, with more departures and destinations.”

He added however, that “great deal of work remains to be done to make SAS profitable again”.

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