SAS returns to profit on passenger gain23 August 2011
SAS Group returned to profit in the second quarter after passenger traffic rose and the carrier cut costs.
â€œThere are positive prospects for continued traffic growth during the second half of 2011, particularly on U.S. routes, but also on domestic and intra-Scandinavian routes,â€ Chief Executive Officer Rickard Gustafson said in the statement.
SAS, part-owned by the governments of Sweden, Norway and Denmark, had been unprofitable in all but two of the previous 14 quarters as it struggled with a drop in travel and competition from discount carriers such as Norwegian Air Shuttle ASA. SAS in May forecast a full-year 2011 pretax profit, and the carrier reaffirmed that prediction today.