Expensive pilot strike gives blood-red figures for SAS – news Norway – Overview of news from different parts of the country

On Friday morning, SAS presented its third interim report and the strike has taken a toll on the results. The company has a different financial year and ended the period from 1 May to 31 July with a profit before tax of minus two billion. The strike accounted for most of the deficit, a whopping 1.4 billion Swedish kroner. – The result is characterized by the strike we have had, high oil prices and the fact that we have had challenges with the winding down of traffic throughout Europe this summer, says executive director Kjetil Håbjørg of SAS Norway to news. The strike led to over 4,000 canceled flights and 380,000 passengers were affected. Calling it “SAS’s neglected summer” Losses are increasing compared to the same quarter last year, despite revenues far more than doubling. The analysts expected ahead of the figures that SAS would lose SEK 1.85 billion before tax in the third quarter. – While the competitors are safely steering out of deficit territory, blood-red numbers will still characterize SAS’s high-season accounts, wrote aviation analyst Jacob Pedersen at Danish Sydbank ahead of the presentation. The analyst expected that the income would be over NOK ten billion, but the earnings presented today showed that it was far weaker, NOK 8.6 billion. – I would like to point out that in this report we also present that we have made important progress in our work to transform SAS, and we are determined to succeed in this transformation, says CEO of SAS Kjetil Håbjørg. – That means adapting to a new market, he says. Record profit for Norwegian Norwegian had a profit before tax of just over NOK 1.248 billion in the second quarter. Despite the record profit, the company was down more than five percent on the Oslo Stock Exchange in the morning hours on Thursday. DN writes that the result was NOK 500 million weaker than what the market experts had expected. – The result is a beautiful painting of reality because there is 2.1 billion in one-off income in the figures. That’s what aviation analyst at Danish Sydbank, Jacob Pedersen, says. – If you correct for that, you have a deficit of NOK 740 million, he adds.



ttn-69