Thu, 30 Nov 2023

Scandinavian Airlines posts heavy Q2 loss

02 Jun 2023, 02:05 GMT+10

STOCKHOLM, June 1 (Xinhua) -- Scandinavian Airlines (SAS) on Thursday posted a net loss of 1.4 billion Swedish kronor (129 million U.S. dollars) for the three months of February to April.

In its financial report for the second quarter (Q2) of 2023, the company said this represented a year-on-year improvement of 143 million kronor. Total operating revenue for the quarter landed at 9 billion kronor, a year-on-year improvement of 1.9 billion kronor.

During Q2, 5.4 million passengers flew with SAS, which was a year-on-year increase of 36 percent, the company said in a press release.

Citing economic woes in the wake of the COVID-19 pandemic when air travel plummeted, the company announced a plan in February last year to overhaul its operations to ensure a sustainable economic future.

This involved, among other things, a reduction in annual costs of 7.5 billion kronor and raising new capital.

"We expect to complete the equity solicitation process after the summer," Anko van der Werff, the company's president and chief executive officer (CEO) said in the press release.

As part of its restructuring, SAS also filed for Chapter 11 bankruptcy protection in the United States in July last year.

SAS was founded in 1946 by a merger of the national carriers of Denmark, Norway and Sweden. (1 Swedish krona = 0.092 U.S. dollar)

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