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SAS Reports Fiscal Second Quarter 2024 Net Loss of $273 Million or $0.038 per Share

SAS has reported a fiscal second quarter 2024 net loss of SEK 2.9 billion (US $273 million) or SEK 0.40 (US $0.038) per share on revenue of SEK 10.0 billion (US $941 million).


SAS Airbus A321neo - Courtesy Airbus

On Thursday (May 30, 2024), SAS reported their financial results for the company’s fiscal second quarter ending April 30, 2024.  The carrier reported a second quarter net loss of SEK 2.9 billion (US $273 million) or SEK 0.40 (US $0.038) per share on revenue of SEK 10.0 billion (US $941 million).  SAS filed a second amended Chapter 11 Plan and related disclosure statement with a U.S. court on February 5th, which was approved on March 19, 2024.  On March 27th, the listed parent company of the SAS Group, SAS AB, applied for company reorganization (företagsrekonstruktion) in Sweden.  Throughout this process, SAS’ operations and flight schedules will not be impacted, and the carrier will continue to serve their guests as normal.  Additionally, SAS and SkyTeam signed an Alliance Adherence agreement on April 29th, concluding that the airline will join SkyTeam on September 1st, 2024.


In Thursday’s announcement, SAS’ President and CEO, Anko van der Werff, said,


“We are now entering the summer season with over 130 destinations in more than 40 countries in Europe, North America and Asia.  In May, SAS also signed a new 3-year agreement with Apollo worth SEK 4.5 billion, meaning that SAS remains Apollo’s major charter operations partner in Scandinavia from the summer of 2025 through the summer of 2027.  We have started preparing for the upcoming winter season.  We see an increasing number of Europeans traveling to Northern Scandinavia during the winter season and we are expanding our network with new direct routes to Tromsø, Kiruna, Rovaniemi and Scandinavian Mountains Airport Sälen-Trysil. Additionally, SAS is expanding frequencies to sunny winter destinations, to the US and to European ski destinations.


SAS' Fiscal Q2 2024 Financial Results - Courtesy SAS

“The number of passengers traveling with SAS during the first half year increased to 10.6 million, up 7.3 percent compared with the same period last year.  The increase in passenger demand led to a year-on-year increase of 12 percent in our total operating revenue, which landed at SEK 18.9 billion for the first half year.  Ticket sales were strong during the first half year and we had a solid operating cash flow in the business.  Cost savings remain a key priority across the business and we are making progress in reaching our targeted cost savings in the SAS FORWARD plan.  The operating income (EBIT) landed on SEK -2.7 billion for the first half year, an improvement of SEK 933 million compared to the same period last year.  Income before tax (EBT) fell to SEK -4.1 billion, but adjusted for currency effects EBT improved with almost SEK 600 million.


“SAS recently announced that we will join SkyTeam on September 1, 2024.  We are very excited to now have reached this milestone in SAS’ alliance transition journey.  SAS’ customers and EuroBonus members will be able to enjoy new destinations and benefits as part of the SkyTeam alliance family, marking the start of an exciting future for customers, partners and employees alike.


“SAS aims to be a driving force in sustainable aviation, and we are incredibly proud that we were once again voted the most sustainable company in the aviation industry by Swedish and Danish consumers, according to the extensive brand survey Sustainable Brand Index (SBI).  The SBI is Europe’s largest independent brand study that measures consumers’ perception of brands based on perceived performance in terms of the 17 UN Sustainable Development Goals.


“We are making steady progress in our restructuring proceedings and in reaching our overall targets in the SAS FORWARD plan.  During the quarter, the US Court confirmed SAS’ Chapter 11 plan and we also filed for a company reorganization of SAS AB in Sweden.  This means that we have reached a major milestone in our transformation plan.  We look forward to emerging as a competitive and financially stronger airline with a stable equity structure.  We still have work to do but this marks a powerful step towards realizing SAS’ potential to remain at the forefront of the airline industry for years to come.”


SAS is the leading airline in Scandinavia, with main hubs in Copenhagen, Oslo and Stockholm, and flying to destinations in Europe, the U.S. and Asia.  The company aims to be a driving force in sustainable aviation and in the transition towards net zero emissions by 2050.  SAS also offers ground handling services, technical maintenance and air cargo services.  Additionally, the carrier is a founding member of the Star Alliance, and together with partner airlines offers an extensive worldwide network.


 

Source: SAS/Cision

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