Five-Fold Profits Jump for SAS
The Scandinavian Airlines System posted a five-fold increase in third quarter earnings Tuesday, somewhat below analysts’ expectations.
SAS continues to forecast a return to full-year profit this year, after four years of losses. Pretax profits rose to just under 67 million dollars, slightly down from the second quarter, but more than five times the figure from last year.
SAS has been hit hard by competition from low-cost airlines, but the airline has cut ticket prices, passenger traffic has revived, and the group is nearing the end of a two billion dollar cost-cutting campaign.