SAS Group reports profit in 2Q2011, passenger numbers up 17.8%

SAS Group revenue up 12.5% - financial highlights for the 3 months ended Jun-2011:

• Revenue: EUR1,229.3 million, +12.5% year-on-year;
  • Scandinavian Airlines: EUR1,090 million, +12.4%;
  • Wideroe: EUR107.4 million, +16.1%;
  • Blue1: EUR51.7 million, +2.8%;
• Operating income: EUR99.4 million, compared to a loss of EUR38.2 million in p-c-p;
• Income before tax: EUR79.8 million, compared to a loss of EUR65.7 million in p-c-p;
• Net income: EUR60.3 million, compared to a loss of EUR55 million in p-c-p;
• Passenger numbers: 7.4 million, +17.8%;
• Passenger traffic (RPKs): +13.3%;
• Capacity (ASKs): +12.3%;
• Load factor: 76.1%, +0.7 ppt;
• Scandinavian Airlines:
  • Yield^: +0.6%;
  • Total unit revenue, RASK^: +6.6%;
  • Total unit cost, including charter^: +2.4%. [more]

SAS Group: "Ahead of the second quarter, the booking status is relatively stable, but there is a higher degree of uncertainty regarding global economic trends. Jet fuel prices and additional capacity in the market remain a challenge. Our assessment made in conjunction with the report for the first quarter of 2011 stands firm - provided that no unexpected events occur, the conditions remain for the SAS Group to achieve positive income before tax for full-year 2011. In addition, the financial risk exposure remains in Spanair," Source: Company statement, 17-Aug-2011.

*Based on the conversion rate at EUR1 = SEK9.13462
^Currency-adjusted