SAS is maintaining its financial forecast for the full year 2023-24, as well as the timetable for its emergence from US Chapter 11 bankruptcy protection.
It has turned in a pre-tax loss of just under SKr1.1 billion ($107 million) for its fiscal first quarter – the three months to 31 January – on revenues of SKr8.9 billion.
SAS posted an operating loss of SKr1.17 billion and a net loss of SKr1.45 billion.
Revenue and loss figures all improved on the same period in the previous financial year. The carrier points out that, while cost reductions remain a “focus”, many of the efficiencies of its ‘SAS Forward’ restructuring plan can only be recognised once it exits Chapter 11.
SAS is still projecting revenues this year will exceed SKr48 billion with an adjusted pre-tax figure between break-even and a loss of SKr1 billion.
Chief executive Anko van der Werff says the company aims to receive US court approval for its Chapter 11 plan in the first three months of 2024 and to emerge from restructuring proceedings around the end of the first half.
He says the carrier’s winter season has been “busy” – the operator achieved an improved load factor of 71.8% – and it is preparing to operate a summer schedule comprising over 130 destinations.
“We have added frequencies to popular destinations across Europe, and nine new European destinations,” he says, with Tivat and Ibiza among them.
“We will also increase flights to North America and Asia in the summer programme by adding flights to popular destinations such as New York and Tokyo.”
The carrier has previously disclosed plans to open a transatlantic service to Atlanta, the hub of SkyTeam alliance operator Delta Air Lines.
SAS is set to leave Star Alliance in favour of SkyTeam following the recapitalisation agreement reached with a consortium which includes SkyTeam’s Air France-KLM.
