SAS sees 1st quarter loss before tax of $138 mln, says conditions for rights issue are metBy AP
Tuesday, March 30, 2010
Airline SAS sees Q1 loss before tax of $138 mln
STOCKHOLM — Scandinavian airline group SAS AB says it expects a loss before tax of 1 billion kronor ($138 million) in the first quarter due to weak demand and negative effects from currency exchange rates.
The airline Tuesday said loss before tax for January and February was in line with its expectations at 960 million kronor ($132 million), down from a loss of 420 million kronor in the same period last year.
It reported results for the two months early to update the market before the launch of its 5 billion kronor ($689 million) rights issue.
Revenue for the two months fell to 5.9 billion ($813 million) from 6.9 billion last year.
The airline also said the conditions from the four main owners to participate in the rights issue have been satisfied.