SAS: cautious despite solid fiscal 2018, stock off
(CercleFinance.com) - Shares in Scandinavian airline SAS are down on Tuesday after the company posted a drop in fourth-quarter pre-tax profit.
The airline, owned by the Swedish, Norwegian and Danish governments, reported earnings before tax and non-recurrent items of 842 million Swedish kronor for August-October, versus a profit of 1.05 billion Swedish kronor in the same period last year.
However, its revenue grew to 12.7 billion Swedish kronor in the past quarter, from 11.6 billion Swedish kronor a year ago.
"More than 30 million passengers traveled with SAS during fiscal year 2018, which is more than any other previous year, the airline said. "This shows that our strategy continues to deliver results," SAS added.
However, the group appeared cautious regarding its outlook, announcing its aim to deliver a "positive" result before tax and non-recurrent items in fiscal year 2019.
SAS shares were down 6.3% at 20.8 Swedish kronor in Stockholm, underperforming the STOXX Europe 600 Travel & Leisure index, which was down 1.1%.
The shares are still up 4.8% year-to-date.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The airline, owned by the Swedish, Norwegian and Danish governments, reported earnings before tax and non-recurrent items of 842 million Swedish kronor for August-October, versus a profit of 1.05 billion Swedish kronor in the same period last year.
However, its revenue grew to 12.7 billion Swedish kronor in the past quarter, from 11.6 billion Swedish kronor a year ago.
"More than 30 million passengers traveled with SAS during fiscal year 2018, which is more than any other previous year, the airline said. "This shows that our strategy continues to deliver results," SAS added.
However, the group appeared cautious regarding its outlook, announcing its aim to deliver a "positive" result before tax and non-recurrent items in fiscal year 2019.
SAS shares were down 6.3% at 20.8 Swedish kronor in Stockholm, underperforming the STOXX Europe 600 Travel & Leisure index, which was down 1.1%.
The shares are still up 4.8% year-to-date.
Copyright (c) 2018 CercleFinance.com. All rights reserved.