SAS deepens net loss in Q1 on higher costs, Brexit uncertainty
SAS has reported a SEK576m (US$64m) Q1 net loss for the November-January period, widened from a SEK291m loss it posted in the year-ago period. The carrier said underlying reasons for the deepened loss—for the Q1 of its 2018-19 financial year—included a weak Swedish kroner against the US dollar, rising fuel prices, and economic and political uncertainty such as Brexit. SAS president and CE Rickard Gustafson said it is “no surprise that the Q1 is the weakest quarter of the year and we have reported a significant loss.” Operating revenue for the quarter rose 6.2% to SEK9.5b, while expenses increased 9.7% to SEK8.9b. During Q1, the airline’s efficiency program generated a positive earnings impact of approximately SEK200m. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-03-01/star/sas-deepens-net-loss-in-q1-on-higher-costs-brexit-uncertainty
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SAS deepens net loss in Q1 on higher costs, Brexit uncertainty
SAS has reported a SEK576m (US$64m) Q1 net loss for the November-January period, widened from a SEK291m loss it posted in the year-ago period. The carrier said underlying reasons for the deepened loss—for the Q1 of its 2018-19 financial year—included a weak Swedish kroner against the US dollar, rising fuel prices, and economic and political uncertainty such as Brexit. SAS president and CE Rickard Gustafson said it is “no surprise that the Q1 is the weakest quarter of the year and we have reported a significant loss.” Operating revenue for the quarter rose 6.2% to SEK9.5b, while expenses increased 9.7% to SEK8.9b. During Q1, the airline’s efficiency program generated a positive earnings impact of approximately SEK200m. <br/>
