Airline SAS reports gigantic loss due to coronavirus
Scandinavian airline SAS says it has registered the biggest loss in the company’s history, due to a loss of trade resulting from the coronavirus.
The company’s results from November 2019 to October 2020 show a loss of 9.3 billion Swedish kronor (6.8 billion Danish kroner or 907 million euros).
The results were published early on Thursday.
In the previous accounting year, from November 2018 to October 2019, SAS posted a profit of 0.6 billion kronor (0.4 billion kroner or 58 million euros).
Covid-19 is the primary reason for the disastrous annual result, CEO Rickard Gustafson said.
“SAS is naturally no exception (from the coronavirus crisis), and our revenues in the current quarter and accounting year were badly affected by the ongoing pandemic,” Gustafson said.
Although demand improved during the summer, the return of high levels of infection spread in September and October and subsequent travel restrictions impacted the company.
READ ALSO: Sweden and Denmark dig deeper to save SAS
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The company’s results from November 2019 to October 2020 show a loss of 9.3 billion Swedish kronor (6.8 billion Danish kroner or 907 million euros).
The results were published early on Thursday.
In the previous accounting year, from November 2018 to October 2019, SAS posted a profit of 0.6 billion kronor (0.4 billion kroner or 58 million euros).
Covid-19 is the primary reason for the disastrous annual result, CEO Rickard Gustafson said.
“SAS is naturally no exception (from the coronavirus crisis), and our revenues in the current quarter and accounting year were badly affected by the ongoing pandemic,” Gustafson said.
Although demand improved during the summer, the return of high levels of infection spread in September and October and subsequent travel restrictions impacted the company.
READ ALSO: Sweden and Denmark dig deeper to save SAS
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