SAS published its fourth quarter report today. Excluding one-time costs, SAS made a profit of nearly 800 million for the quarter. But shares fell by more than eight percent on the stock exchange. SAS CEO Rickard Gustafson says that profits must increase.
– We have a long way to go. It is a pressed industry. We are aware of it and we will take the necessary steps to create the right conditions, says Rickard Gustafson.
More than two billion , SAS will save the next three years. It involves, for example fewer employees in administration, but also to cut down on the premises.
For the full fiscal year 2013-2014, SAS made a profit of about 350 million, but it’s included several non-recurring items. For example, a billion extra because pension conditions changed, but also costs because the SAS including paid to get out of leases early.
According to Rickard Gustafson would SAS have to have a gain of 2- 3 billion before interest and taxes per year to finance new aircraft, there is a way to go. And therefore need to save more.
One positive thing for SAS is the case of oil prices, and thus lower fuel kostander. But because the dollar has risen compared to the crown, and SAS secures prices in advance, it takes time before it shows in the results.
– When we look into the crystal ball, it is so that in 2015 we have already locked rates of the order of a little over 40 percent of our needs.
So if it was lower for a longer period, you would earn more money?
Yes, it is true, says SAS CEO Rickard Gustafson.
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