Pandemic Pushes Airline SAS To 2 Billion SEK Loss In May-July




STOCKHOLM: Airline SAS swung to deep loss in its fiscal third quarter, it reported on Tuesday, as value cuts didn’t make up for the collapse in air journey attributable to the COVID-19 pandemic from which the trade is now slowly rising.

The airline, part-owned by the governments of Sweden and Denmark, stated losses earlier than tax within the May-July interval amounted to 2.07 billion Swedish crowns ($235.Eight million), in contrast with a revenue of 1.49 billion a 12 months earlier.

Sales tumbled to 2.51 billion crowns from 13.four billion.

“Demand continues to return slowly and in line with the estimated ramp-up plan we presented in the second quarter,” CEO Rickard Gustafson stated in a press release.

“During the fourth quarter, we will continue to ramp-up production and we expect to reach 30%-40% of prior year available seat kilometers by the end of Q4,” he stated.

In June, the airline unveiled a 14 billion Swedish crown recapitalisation plan to get better from the results of the pandemic on enterprise and hold it flying.

But it has but to shore up sufficient debtholder assist for a key a part of the plan — debt conversions upon which principal house owners Sweden and Denmark have conditioned their pledges to inject recent money.

Monsoon Mayhem: Heavy Rains In Gujarat Create Flood-Like Situation, Residents Force To Evacuate Home

($1 = 8.7803 Swedish crowns)

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