Business News
SAS airline group posts 21m dollar third-quarter profits
Nov 5, 2009, 7:06 GMT
Stockholm - The SAS Group, operator of the joint carrier Scandinavian Airlines, on Thursday reported a third-quarter profit despite lower turnover in the wake of the global recession.
The net profit was 152 million kronor (21 million dollars), including nonrecurring items. A year ago the group posted a loss of 1.9 billion kronor.
Turnover fell 16 per cent to 11.06 billion kronor in the quarter.
SAS chief executive Mats Jansson noted that the global airline industry was impacted by the economic downturn and that SAS was continuing its cost-cutting measures including reducing capacity.
In February the group launched a savings package, Core SAS, aimed at cutting costs by 4.5 billion kronor. To date savings of 2.5 billion kronor had been achieved, Jansson said.
Some 1,800 employees of an estimated 3,000 jobs to be cut had left the group at the end of September.
The SAS Group flew 6.2 million passengers during the quarter, down 14.7 per cent year-on-year.
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