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19th November 2012
Scandinavian Airlines (SAS) has reported a net income of SEK1.16 billion ($122 million) during its Q3 2019 financial results marking a 26% decline from SEK1.57 billion during the same period a year ago.
The airline's president & CEO Rickard Gustafson has blamed the third-quarter results on increasing fuel costs and the Swedish Krona being weak against the US dollar.
Gustafson was also quick to stress that pilot strikes at the beginning of the quarter, which led to around 4,000 flights being cancelled, damaged results for the period.
In a statement, Gustafson said: “Results for 3Q were characterised by strong operational performance, together with successful seasonal adaptation, resulting in record passenger numbers and increased revenue in the peak season. Although the revenue increase is encouraging, the prevailing macroeconomic headwinds require improved efficiency to secure competitiveness and long-term profitability."
During the period, capacity, measured in ASKs, declined 1% from the same period in 2018 to 13.3 million, while passenger traffic (RPKs) dropped 3% year-on-year to 10.5 million, resulting in a 79% load factor, down 1.6 points.
During 3Q, SAS added three additional Airbus A320neos and now has 27 of the type.
SAS has said that in order to combat these results it will look at additional cost-cutting measures.