Air Transport World

SAS Group.(Europe report)(earnings)(Brief Article)

SAS Group posted a massive deficit for all of 2003 of sek1.41 billion ($197.4 million) versus a loss of Sek132 million in the prior year. Excluding capital gains and nonrecurring items, the loss rose to Sek2.2 billion compared with Sek736 million in 2002. Annual revenues sank 11.1% to Sek57.75 billion. The biggest impact was felt at flagship Scandinavian Airlines, which accounts for nearly 55% of total group revenues and experienced a 16.3% decline in annual turnover, and Braathens, where revenues fell 13% to Sek6.4 billion.

CEO Juergen Lindegaard said that "the primary ambition" of the SAS board and management is to ensure that the group posts positive earnings before tax, capital gains and nonrecurring items for 2004, but he warned that this only can be achieved through "strong measures designed to cut costs. …

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