SAS 3Q earnings up, but outlook looking weaker
SAS reported significantly improved year-on-year earnings in the third quarter (three months ended 30-Sep-2011) with pre-tax profit up to SEK276 million (EUR29.9 million) – a sharp turnaround from 3Q2010’s SEK-1076 million (EUR-116.6 million) pre-tax loss. The result was due entirely to further drastic cost cuts at the group, as revenue and yields came under heavy pressure in the quarter. Revenue fell, despite the increase in passenger numbers, due to softening demand and continued intense competition in the Nordic region.
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