SAS beats expectations for third quarter 2009

Posted by in airlines

SAS reported a profit, before tax, of half a billion SEK more than analysts’ expectations.

During last year’s third quarter SAS reported a profit of 110 million SEK before tax. This year the airline reported a profit before tax of 114 million SEK for the same quarter. That is more than half a billion over the analyst’s expectations. Analysts expected a loss of 403 million SEK before taxes on average.

Turnover fell by 16.6 percent and the number of passengers decreased by 14.7 percent. The profit is thus explained by the savings SAS has made. Capacity has been reduced and 1 884 full-time employees have left the company.

-“We have substantial effects from savings, so far total 1.3 billion SEK, of which half a billion in the third quarter.”says vice president Sture Stölen said to TT.

The savings program SAS Core will continue.