8-Apr-2010 12:43 PM

SAS Group expects 1Q2009 revenue to be down, remain in the red

SAS Group reported (30-Mar-2010) the following financial updates for the first two months of the year prior to the launch of its rights issue:

  • Revenue: EUR608.0 million, -15.3% year-on-year;
  • Operating costs:
    • Scandinavian Airlines: EUR534.0 million, -15.8%;
      • Labour: EUR214.4 million, -16.1%;
      • Fuel: EUR84.9 million, -19.4%;
  • Operating profit (loss): (EUR91.4 million), compared to a loss of EUR53.4 million in the previous corresponding period;
    • Scandinavian Airlines: (EUR60.5 million), compared to a loss of EUR65.5 million in the previous corresponding period;
  • Net profit (loss): (EUR16.8 million), compared to a net profit of EUR10.5 million in the previous corresponding period;
  • Passenger numbers: 3.5 million, -1.6%;
    • Scandinavian Airlines: 3.0 million, -1.9%;
  • Load factor: 66.3%, +5.0 ppts;
    • Scandinavian Airlines: 67.1%, +5.3 ppts;
  • Yield:
    • Scandinavian Airlines: -12.2%;
  • Total revenue per ASK**:
    • Scandinavian Airlines: -4.7%;
  • Total unit cost**:
    • Scandinavian Airlines: -6.9%;
  • Operational unit costs**:
    • Scandinavian Airlines: -6.0%. [more]

*Based on the conversion rate at EUR1 = SEK9.68
**Currency adjusted

The Group is scheduled to release its 1Q2010 financial results on 22-Apr-2010.

SAS Group: “In March 2010, passenger yield is expected to continue to decline, partly due to seasonality effects due to the Easter holidays, thereby negatively affect revenues for the first quarter of 2010 as compared with the same period in 2009. EBT before non-recurring items in continuing operations for the first quarter is expected to -SEK1 billion,” Company statement. Source: SAS Group, 30-Mar-2010.

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