SAS Group first-quarter earnings

The Group carried 5.7 million passengers Earnings for the first quarter were weak as expected and amounted to MSEK -934 before nonrecurring items in continuing operations. In addition, nonrecurring items pertaining to restructuring costs related to Core SAS totaled MSEK -95. Accordingly, income before tax amounted to MSEK 1,024. However, the first quarter is seasonally a very weak quarter.
 
the President and CEO, Mats Jansson announces "During the first quarter, the global economy continued to weaken at a pace that has rarely been seen before. The market is extremely unpredictable and uncertainty regarding the time of a recovery commencing remains high. As expected, earnings for the first quarter were weak and amounted to MSEK -934 before nonrecurring items. Accordingly, it is also highly gratifying that the various parts of the Group's new strategic direction, Core SAS, are being implemented according to plan. We are reducing our capacity and removing unprofitable market shares. The fact that the issue was oversubscribed is a clear sign that the market has confidence in our new strategy."

(c) Centre for Asia Pacific Aviation. Date posted: 28-Apr-09
 

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