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Scandinavian airline SAS narrows its loss in the first quarter

Scandinavian airline SAS narrows its loss in the first quarter

Scandinavian airline operator SAS AB said Thursday it first-quarter loss narrowed after the company sold one of its units and increased the number of passengers.
The net loss attributable to shareholders for the three months through March 31 came in at 18 million kronor (euro1.97 million; US$2.67 million), or 0.11 kronor (euro0.01; US$0.02) per share, compared to a net loss of 1.03 billion kronor, or 6.29 kronor per share, in the same period last year, the company said in a statement.
The sale of the company's Flight Academy unit garnered a one-time gain of 375 million kronor (euro41 million; US$55.7 million), SAS said.
Revenue grew by 6 percent to 13.84 billion kronor (euro1.51 billion; US$2.06 billion) as SAS boosted its passenger traffic. With the Baltic region's economy in an upturn, SAS flew 9.1 million passengers during the quarter, an increase of 6 percent.
SAS also said it has almost completed a restructuring of the business as it seeks to cut costs by about 2.5 billion kronor (euro273 million; US$372 million) a year.
The travel group operates Scandinavian Airlines, which is the joint carrier of Sweden, Denmark and Norway. The group also includes regional airlines Blue1, Spanair, SAS Braathens, Wideroe, airBaltic and Estonian Air.


Updated : 2021-05-13 12:18 GMT+08:00