SAS sees Q3 net income down 26% on higher fuel costs, pilot strike
SAS reported a net income of SEK1.16b (US$122m) for Q3, down 26% from SEK1.57b in the year-ago period. SAS president & CE Rickard Gustafson said the “disappointing” Q3 results were mainly attributed to increased fuel costs, the Swedish krona’s continued weakness against the US dollar, and pilot strikes at the beginning of the quarter. The pilot strike between April 26 and May 2 led to some 4,000 canceled flights, affecting more than 370,000 passengers. Revenue for the quarter rose 3% year-over-year to SEK13.6b, while expenses increased 7.4% to SEK10.5b. SAS said it would look at additional cost-cutting measures. Capacity, measured in ASKs, declined 1% YOY to 13.3m, while RPKs dropped 3% to 10.5m, resulting in a 79% load factor, down 1.6 points. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-08-30/star/sas-sees-q3-net-income-down-26-on-higher-fuel-costs-pilot-strike
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SAS sees Q3 net income down 26% on higher fuel costs, pilot strike
SAS reported a net income of SEK1.16b (US$122m) for Q3, down 26% from SEK1.57b in the year-ago period. SAS president & CE Rickard Gustafson said the “disappointing” Q3 results were mainly attributed to increased fuel costs, the Swedish krona’s continued weakness against the US dollar, and pilot strikes at the beginning of the quarter. The pilot strike between April 26 and May 2 led to some 4,000 canceled flights, affecting more than 370,000 passengers. Revenue for the quarter rose 3% year-over-year to SEK13.6b, while expenses increased 7.4% to SEK10.5b. SAS said it would look at additional cost-cutting measures. Capacity, measured in ASKs, declined 1% YOY to 13.3m, while RPKs dropped 3% to 10.5m, resulting in a 79% load factor, down 1.6 points. <br/>
