2010 is time to expand again: SAS. Europe share wrap
SAS cut its capacity by around 15% in 2009.
Full service airline capacity reductions in 2009*
Confidence in Aeroflot’s cost cuts carries through
Shares in Aeroflot surged 8.7% yesterday, as investors welcomed deeper than expected cost cuts. The carrier’s financial report for the nine months ended 30-Sep-2009, released on Tuesday, revealed it cut costs by 33.5%. Aeroflot's cost reduction instilled confidence, as the airline managed to contain a drop in operating profit to just 8.8%, when consolidated income fell 31.2% year-on-year, in the period.
Elsewhere, shares in Austrian Airlines jumped (+2.8%), Air France-KLM gained (+2.2%), Aer Lingus up (+1.3%), Lufthansa higher (+0.7%), Iberia flat, while British Airways dipped (-0.5%), Turkish Airlines closed lower (-0.9%) and Eurofly declined (-1.3%).
Europe selected airlines daily share price movements (% change): 23-Dec-09