Air Transport World

SAS Group.(Europe report)(airline reports third quarter financial results)(Brief Article)

SAS Group reiterated that it expects to suffer a Sek2 billion operating loss before special items in 2003 as it disclosed that third-quarter pre-tax earnings dropped 11.9% to Sek564 million ($72.2 million) from Sek640 million last year. Owing to a Sek196 million tax gain, net profits actually rose 32% to Sek699 million; however, revenues fell 10.1% to Sek14.9 billion while EBIT plunged 23.9% to Sek798 million.

Although key traffic flows stabilized, the market remains weak, SAS said. It will generate a capital gain of about Sek700 million from the sale and leaseback of its headquarters building while reducing net debt by about Sek1. …

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