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Sweden's SAS reports Q4 profit

Sweden's SAS reports Q4 profit

Scandinavian airline company SAS AB on Wednesday recorded a net profit for the fourth quarter, recovering from a loss a year earlier thanks mainly to its extensive cost-savings program.
Net profit in the quarter came to 47 million kronor ($7.3 million), compared with a loss of 1.3 billion kronor in the same period a year earlier.
For the full year 2010, it still reported a loss of 2.2 billion kronor, but managed to narrow it from a previous loss of 2.9 billion kronor in 2009. The result was weighed down by one-time costs related partly to the volcanic ash cloud from Iceland which blocked most European air travel in April.
The SAS share gained 1.25 percent to 24.20 kronor ($3.76) on the Stockholm stock exchange.
The Stockholm-headquartered company said sales in the three-month period ending Dec. 31 reached 10.56 billion kronor, up slightly from 10.3 billion kronor in the same quarter a year earlier.
Acting CEO John Dueholm, who was replaced by new chief Rickard Gustafson on Feb. 1, said that by putting those one-offs behind them "we can now devote our energy to looking forward and focusing on our core operations," saying the group's aircraft are now "more well-filled than ever before."
He added that the company's cost savings program, Core SAS, was one of the most important improvements during the year, saying it has helped slash unit costs by over 8 percent during the year.


Updated : 2021-10-17 04:39 GMT+08:00