SAS Group reports operating profit in 3Q2011

SAS Group revenue down 2% - financial highlights for three months ended 30-Sep-2011:

• Revenue: EUR1175 million, -1.5% year-on-year;
  • Scandinavian Airlines: EUR1048 million, -2.0%;
  • Wideroe: EUR103.6 million, +10.4%;
  • Blue1: EUR44.3 million, -7.2%;
• Operating profit: EUR55.3 million, compared to a loss of EUR54.0 million in p-c-p;
• EBIT** (loss):
  • Scandinavian Airlines: EUR62.5 million, -16.3%;
  • Wideroe: EUR9.6 million, +74%;
  • Blue1: (EUR13.2 million), compared to a loss of EUR4.9 million in p-c-p;
• Passenger numbers: 6.9 million, +4.1%;
  • Scandinavian Airlines: 5.9 million, +3.0%;
  • Wideroe: 649,000, +16.2%;
  • Blue1: 409,000, +3.7%;
• Load factor: 78.9%, stable;
  • Scandinavian Airlines: 80.3%, +0.4 ppt;
  • Wideroe: 63.3%, +0.7 ppt;
  • Blue1: 67.8%, -5.3 ppts;
• Revenue per ASK:
  • Scandinavian Airlines^: -2.1%;
• Yield:
  • Scandinavian Airlines^: -2.8%;
  • Wideroe: -1.0%;
  • Blue1: +6.5%;
• Cost per ASK:
  • Scandinavian Airlines^: +5.9%;
  • Wideroe: -3.7%;
  • Blue1: +22.6%;
• Net profit: EUR23.7 million, compared to a loss of EUR116.3 million in p-c-p;
• Total asset: EUR4643 million, +0.3% when compared to period ended 31-Dec-2010;
• Cash and cash equivalents: EUR566.8 million, +1.6% when compared to period ended 31-Dec-2010;
• Total liabilities: EUR3027 million, -0.1% when compared to period ended 31-Dec-2010. [more - original PR]

*Based on the conversion rate at EUR1 = SEK9.03728
**Before nonrecurring items
^Currency adjusted

SAS Group: "Increased pressure on yield and RASK is expected in the fourth quarter due to the uncertainty related to global economic developments. Jet-fuel prices remain at a high level of about USD1000 per MT. Uncertainty surrounding the global economy, jet-fuel prices and additional capacity in the market result in greater challenges." Company statement. Source: SAS Group, 08-Nov-2011.