SAS Q3 results

Discussion in 'SAS | EuroBonus' started by Someone, Nov 8, 2011.  |  Print Topic

  1. Someone
    Original Member

    Someone Silver Member

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    Not too impressive, but a surplus and a lot better than last year
    Key ratios July-September 2011
    • Revenue: MSEK 10,616 (10,776)
    • Number of passengers: up 0.3 million (4.1%)
    • Income before nonrecurring items in continuing operations: MSEK 298 (384)
    • EBT margin before nonrecurring items in continuing operations: 2.8% (3.6%)
    • Cash flow from operating activities: MSEK 232 (-470)
    • Income before tax: MSEK 276 (-1,027)
    • Net income for the period: MSEK 214 (-1,051)
    • Earnings per share: SEK 0.65 (-3.19)
  2. SASDC8

    SASDC8 Silver Member

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    I think it is a reasonable result for SAS. Fingers crossed for green numbers at the end of the year as well :)
  3. TOS

    TOS Silver Member

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    The good thing is that there is a surplus. The downside is that there is still significant pressure on yield, reports on lower forward booking in the premium cabin, and still unit costs significantly above e.g. Norwegian. In additon, not a lot in terms of the way forward to reduce the pressure on the yield (one way would be to introduce new products/functionality/benefits from travelling SK that would increase the unit revenue).

    It is, of course, difficult to compare unit costs by looking at aggregate numbers, as costs depend on e.g. sector lenght, but on aggregate SK's unit costs In Q3 is approximately twice as high as DY. Although SK has higher revenues per passenger, it is not entirely clear whether this higher revenue outweighs the cost disadvantage. It depends on what a couple of The revenue posts consist of (notably, the post "Other revenue").

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