SAS Group reported a first-quarter net loss of DKK 712 million.
Operating revenue amounted to SEK 9.5 billion, whereas the analysts’ average expectations were SEK 10 billion.
The EBITDAR result before non-recurring items was a profit of SEK 257 million.
The SAS management describes last year as one of the most challenging years that the aviation industry has experienced. 2010 was expected to be better – until the Icelandic ash cloud hit one week ago – and now the indications are that 2010 will be just about as challenging.
Because of the ongoing rights issue which is expected to raise DKK 5 billion, the company published the financial figures for January and February this year already a couple of weeks ago.
They revealed a minus of SEK 960 million before non-recurring items which was in line with the company’s own expectations.
The interest in today’s 1st-quarter figures thus focused on the development in March, and SAS wrote that the development has been slightly better than expected because of the falling costs and improved passenger numbers for the second month running.
The SAS Group’s earnings before non-recurring items amounted to SEK 116 million in March. The full 1st-quarter resulted in a loss before non-recurring items of SEK 844 million.
Mats Jansson, CEO, notes that the cost-savings program Core SAS now shows increasing effects.
»With a satisfactory liquidity situation, and estimated remaining earnings effects of SEK 4.8 billion in 2010¬2012 from our cost savings program, we are confident we can handle the negative effects in a tough 2010 and benefit from a potential recovery in the market,« Mats Jansson wrote.
Negative earnings effect up to and including April 21 from disruptions due to volcanic ash estimated to SEK -460 million (DKK 355 million).
»With safety as the number one priority, we are working closely together with other major European airlines and the aviation authorities to find solutions ro resume full operations,« CEO Mats Jansson wrote.
Operating revenue amounted to SEK 9.5 billion, whereas the analysts’ average expectations were SEK 10 billion.
The EBITDAR result before non-recurring items was a profit of SEK 257 million.
The SAS management describes last year as one of the most challenging years that the aviation industry has experienced. 2010 was expected to be better – until the Icelandic ash cloud hit one week ago – and now the indications are that 2010 will be just about as challenging.
Because of the ongoing rights issue which is expected to raise DKK 5 billion, the company published the financial figures for January and February this year already a couple of weeks ago.
They revealed a minus of SEK 960 million before non-recurring items which was in line with the company’s own expectations.
The interest in today’s 1st-quarter figures thus focused on the development in March, and SAS wrote that the development has been slightly better than expected because of the falling costs and improved passenger numbers for the second month running.
The SAS Group’s earnings before non-recurring items amounted to SEK 116 million in March. The full 1st-quarter resulted in a loss before non-recurring items of SEK 844 million.
Mats Jansson, CEO, notes that the cost-savings program Core SAS now shows increasing effects.
»With a satisfactory liquidity situation, and estimated remaining earnings effects of SEK 4.8 billion in 2010¬2012 from our cost savings program, we are confident we can handle the negative effects in a tough 2010 and benefit from a potential recovery in the market,« Mats Jansson wrote.
Negative earnings effect up to and including April 21 from disruptions due to volcanic ash estimated to SEK -460 million (DKK 355 million).
»With safety as the number one priority, we are working closely together with other major European airlines and the aviation authorities to find solutions ro resume full operations,« CEO Mats Jansson wrote.
