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Scandinavian Airlines reports a loss of 1.7 billion in the fourth quarter

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Scandinavian Airlines

– Scandinavian Airlines (SAS) suffered a loss of SEK 1.7 billion (about US$161 million) in the fourth quarter (Q4) due to high fuel prices and uncertain global situations, the company said on Wednesday.

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According to the company’s fourth quarter (August-October) report, SAS posted a pre-tax loss of SEK 1.7 billion, a decrease of SEK 800 million from a year earlier. Operating income came in at 10.7 billion kroner for the quarter, an increase of 4.9 billion kroner from a year earlier.

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SAS Chairman and CEO Anko van der Werff told Swedish television on Wednesday that, considering the fiscal year affected by the COVID-19 pandemic, Russia‘s closed airspace and the pilots’ strike this summer, such a financial result “is not a surprise.”

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However, the fourth quarter is “yet another quarter in which we have seen the highest ridership since the pandemic began,” the company said, adding that compared to the third quarter, ridership was up 13 percent. , while capacity increased 15 percent.

“SAS needs to continue its transformation to adapt to new market conditions so that it can become more flexible, competitive and financially sound in the long term,” the company said.

SAS was founded in 1946 through the merger of the national airlines of Denmark, Norway and Sweden. (1 Swedish krona = 0.095 US dollar) ■

(Xinhua)

https://nnn.ng/naira-black-market-exchange-rate-today/

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