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SAS airline reports a loss of SEK 3,043 million for the fourth quarter of the interrupted financial year. This can be compared to the profit of SEK 1,226 million in the same period last year. At the same time, sales plummeted to SEK 3,035 million, compared to SEK 13,435 million.
“During the summer season, there was some recovery in demand, but when the number of observed COVID-19 cases increased again in Europe and North America in September and October, new travel restrictions reversed the positive trend,” CEO Rickard Gustafson writes in the report.
Constant pressure
The company, which has been under constant pressure during the crown pandemic, carried out a recapitalization in the last quarter that totaled 12 billion Swedish crowns.
SAS does not provide any guidance on the outcome of the next financial year.
“But we expect weak operating cash flow in the first quarter of 2021 due to low demand during the winter season combined with the increase in the repayment rate,” writes CEO Rickard Gustafson in the report.
New year of loss
Gustafson further notes that 2020/21 “will likely generate losses.”
The company has also been questioned because it is slow to provide refunds to customers whose flights have been canceled. According to SAS, the requirements on December 1 amounted to SEK 900 million.
“During the quarter, SEK 1 billion was canceled for canceled flights, which is an increase of more than 50 percent compared to the previous quarter and we will continue the work until all legitimate requirements are met,” writes Rickard Gustafson .
