SAS reports improved first quarter fiscal 2016 results

SAS Scandinavian Airlines reported operating income before tax totaled MSEK-186 (MSEK-657 in 2015). Income before tax amounted to MSEK-309 (MSEK-836 in 2015) and income after tax was MSEK-246 (MSEK-640 in 2015). Tax income amounted to MSEK 63 compared to MSEK 196 the previous year. The exchange-rate trend had a negative impact on revenue of MSEK-79 and a negative effect on operating expenses of MSEK-368. Accordingly, the exchange-rate trend had a negative impact on operating income of MSEK -447 for the quarter. Revenue for SAS amounted to MSEK 8,275 (8,371). After adjustment for currency effects, revenue was MSEK 17 lower year-on-year. Currency-adjusted passenger revenue increased 1.0%, primarily due to higher traffic. Charter revenue (currency adjusted) was 11.3% lower, which was attributable to lower volumes. Currency-adjusted freight revenue also declined in the quarter and posted a year-on-year decline of 1.8%. The main reason for the lower freight revenue was the continued overcapacity in the market.