SAS doubles third quarter pre-tax profits

London
Source:
This story is sourced from Pro
See more Pro news »

SAS Group posted third quarter pre-tax profits of SKr973 million ($147 million) before non-recurring items, almost double the SKr497 million over the same stage last year and putting the Scandinavian carrier on course for a full-year profit

Revenues for the three months ending July 2013 were slightly down at SKr11.6 billion, though the carrier says passenger revenue adjusted for currency was up 5.3%. This is in line with traffic which grew 5.6% in the quarter compared to the same period last year. Net profit for the third quarter increased to SKR1.1 billion from SKr973 million.

"The third quarter is seasonally strong, but above all this quarter provides confirmation that our established strategy is having an impact and that we have made substantial progress," says SAS Group president and CEO Rickard Gustafson.

Pre-tax profits before non-recurring items are running at SKr229 million over the first nine months of the year and a small net loss over the same period.

"The third quarter strengthened SAS financially and further improvement of the financial position is expected in the last quarter," Gustafson says. "Provided that no significant unforeseen event occurs in our business environment, the SAS Group will achieve an EBIT margin in excess of 3% and positive income before tax for the full year 2012/2013."