SAS Group reports profit declines in 3QFY2014, sees potential for positive EBT in FY

SAS Group revenue down 8% - financial highlights for three months ended 31-Jul-2014:

• Revenue: SEK10,697 million (EUR1173 million), -7.7% year-on-year;
• Costs:
• • Labour: SEK2495 million (EUR273.7 million), -13.6%;
• Profit before tax: SEK932 million (EUR102.2 million), -33.5%;
• Net profit: SEK494 million (EUR54.2 million), -44.2%;
• Total assets: SEK29,491 million (EUR3235 million);
• Cash and cash equivalents: SEK6930 million (EUR760.1 million);
• Total liabilities: SEK23,434 million (EUR2570 million). [more - original PR]

*Based on the average conversion rate at EUR1 = SEK9.117

SAS Group: "SAS is continuing the intensive efforts to strengthen competitiveness. Ahead of the winter program, SAS is planning to maintain frequencies but reduce capacity by optimizing the aircraft fleet. In the 2013/2014 fiscal year, the earnings impact from the existing restructuring program is expected to amount to about SEK 1.2 billion. The new cost measures being initiated will result in restructuring costs, which are expected to impact earnings in the current fiscal year. These will be announced in connection with the release of SAS's Yearend Report. Provided that market conditions, in terms of capacity, jet fuel and exchange rates, do not decline any further and that no unexpected events occur, potential exists to post a positive EBT, including the positive effect from the amendments to pension reporting and excluding restructuring costs, also in the 2013/2014 fiscal year." Source: Company statement, 10-Sep-2014.