Scandinavian Airlines (SAS) suffered a loss of 1.7 billion Swedish kronor (about 161 million U.S. dollars) in the fourth quarter (Q4) due to high fuel prices and uncertain global situations, the company said on Wednesday.
According to the company’s Q4 (August-October) report, SAS registered a pre-tax loss of 1.7 billion kronor, a decrease of 0.8 billion kronor year-on-year. Operating revenue landed at 10.7 billion kronor for the quarter, an increase of 4.9 billion kronor year-on-year.
SAS President and CEO Anko van der Werff told Swedish Television on Wednesday that considering the financial year affected by the COVID-19 pandemic, Russia’s closed airspace and the pilot strike of this summer, such financial result “is no surprise.”
However, Q4 is “yet another quarter where we have noted the highest number of passengers since the pandemic started,” the company said, adding that compared with Q3, passengers increased by 13 percent while capacity increased by 15 percent.
“SAS needs to continue its transformation to adapt to the new market conditions in order to be able to become more flexible, competitive and financially strong for the long term,” the company said.
SAS was founded in 1946 through a merger of the national carriers of Denmark, Norway and Sweden. (1 Swedish krona = 0.095 U.S. dollar)