Stockholm-based airline SAS announced on Friday that it had achieved a net profit in its fiscal third quarter that surpassed expectations. The significant rise in revenue was primarily driven by higher demand for ticket sales.
Positive Trends and Capacity Increase
SAS CEO, Anko van der Werff, expressed satisfaction with the positive trend in ticket sales throughout the third quarter. He also highlighted the airline’s ongoing ramp-up efforts and plans to increase capacity for the upcoming winter season.
Impressive Financial Results
In the quarter ending on July 31, SAS reported a net profit of 461 million Swedish kronor ($42.1 million), a substantial improvement compared to the previous year’s loss of SEK1.85 billion. Revenue also experienced a significant surge of 54%, reaching SEK13.17 billion.
Positioned for Future Growth
SAS reasserted its financial projections for fiscal year 2023, forecasting revenue exceeding SEK40 billion. The airline expects an adjusted loss before tax ranging from SEK4 billion to SEK5 billion for the same period. Looking ahead, SAS aims to return to pre-pandemic revenue levels by fiscal year 2024, targeting earnings before tax of SEK5 billion to SEK6 billion and revenue of SEK58 billion by fiscal year 2026.
Successful Restructuring Efforts
Following its filing for Chapter 11 bankruptcy last year, SAS has made significant progress in its comprehensive financial restructuring plan. The airline is committed to reducing costs, raising capital, and achieving its overall restructure targets under the guidance of the U.S. court system.