Pandemic pushes airline SAS to $235.8m loss in May-July
SAS swung to deep loss in its fiscalQ3, it reported Tuesday, as cost cuts did not make up for the collapse in air travel caused by the COVID-19 pandemic from which the industry is now slowly emerging. The airline, part-owned by the governments of Sweden and Denmark, said losses before tax in the May-July period amounted to 2.07b Swedish crowns ($235.8 million), compared with a profit of 1.49b a year earlier. Sales tumbled to 2.51b crowns from 13.4b. “Demand continues to return slowly and in line with the estimated ramp-up plan we presented in the second quarter,” CEO Rickard Gustafson said. “During the fourth quarter, we will continue to ramp-up production and we expect to reach 30%-40% of prior year available seat kilometers by the end of Q4,” he said. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-08-26/star/pandemic-pushes-airline-sas-to-235-8m-loss-in-may-july
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Pandemic pushes airline SAS to $235.8m loss in May-July
SAS swung to deep loss in its fiscalQ3, it reported Tuesday, as cost cuts did not make up for the collapse in air travel caused by the COVID-19 pandemic from which the industry is now slowly emerging. The airline, part-owned by the governments of Sweden and Denmark, said losses before tax in the May-July period amounted to 2.07b Swedish crowns ($235.8 million), compared with a profit of 1.49b a year earlier. Sales tumbled to 2.51b crowns from 13.4b. “Demand continues to return slowly and in line with the estimated ramp-up plan we presented in the second quarter,” CEO Rickard Gustafson said. “During the fourth quarter, we will continue to ramp-up production and we expect to reach 30%-40% of prior year available seat kilometers by the end of Q4,” he said. <br/>
