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SAS Reports Fiscal Second Quarter 2022 Net Loss of $156 Million or $0.02 per Share

SAS has reported a fiscal second quarter 2022 net loss of SEK 1.52 billion (US $156 million) or SEK 0.21 per share (US $0.021 per share) on a 31 percent year-over-three decrease in revenue to SEK 7.0 billion (US $716.3 million).

SAS Airbus A321neo - Courtesy Airbus

On Tuesday (May 31, 2022), SAS reported their fiscal second quarter 2020 results for the period ending April 30, 2022. The carrier reported a first quarter net loss of SEK 1.52 billion (US $156 million) or SEK 0.21 per share (US $0.021) on a year-over-three decrease in revenue of 31 percent to SEK 7.0 billion (US $716.3 million). During the second fiscal quarter, SAS drew down an SEK 3.0 billion (US $308 million) credit facility secured with the main owners in 2021. At April 30, 2022, SAS had cash and cash equivalents totaling SEK 8.5 billion (US $870 million).

SAS continues to ramp up their ‘SAS FORWARD’ transformation plan which was introduced in the first quarter and includes, balance sheet deleveraging, liquidity position improvement, a reduction of costs and efficiency improvements. Under the initiative, the airline seeks to convert approximately SEK 20 billion of debt and hybrid notes (US $2.0 billion) into common equity, while raising at least SEK 9.5 billion (US $972 million) in new equity capital. As part of SAS FORWARD, the airline has also targeted an annual cost reduction of SEK 7.5 billion (US $768 million) by FY 2026.

SAS’ passenger traffic for the second quarter increased 28 percent on a 3.0 percent capacity increase versus the first quarter, with an average load factor of 67 percent, up 11 points from the previous quarter. Summer 2022 ticket sales continue to increase and the carrier expects to operate approximately 80 percent of their capacity compared to summer 2019. Due to difficulties in ramping up operations in the aftermath of the global COVID-19 pandemic, SAS is reducing their summer 2022 flying program by 4,000 flights out a total of 75,000 flights.

SAS is the leading airline in Scandinavia, normally carrying over 30 million passengers annually from its main hubs in Copenhagen, Oslo and Stockholm to 125 destinations in Europe, the US and Asia (pre-pandemic figures). The company has targeted a reduction in carbon emissions by 25 percent by 2025, compared to 2005 levels, and hopes to transition to 100% biofuel for domestic flights by 2030. SAS also offers ground handling services, technical maintenance and cargo services. The carrier is a founding member of the global Star Alliance, which is celebrating their 25th anniversary in 2022.

Source: SAS/Cision


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