The Scandinavian airline SAS (Scandinavian Airlines) has reconnected with third quarter profitsa first since 2019, thanks to a solid demand.
It recorded a net profit of 461 million crowns (around 39 million euros), compared to a loss of 1.8 billion a year earlier. “Next to 7 million passengers traveled with SAS in the third quarter, the highest figure since the pandemic» of Covid-19, declared the Scandinavian airline, of which the Danish and Swedish states are the main shareholders.
Driven by this demand, turnover increased by 54% to 13.17 billion crowns (1.15 billion euros). However, SAS remains in great financial difficulty since the start of the Covid-19 pandemic. In July 2022, it placed itself under the protection of American bankruptcy law – the famous “chapter 11“. This system allows a company that can no longer repay its debts to restructure itself protected from its creditors while continuing its activities. At the same time, it launched a savings plan of 7.5 billion crowns and announced that it wanted to raise 9.5 billion from investors.
At the beginning of May, it also suffered a setback, when the court of first instance of the European Union canceled a vast recapitalization plan involving just over a billion euros, set up in 2020 with the support of the Danish states. and Swedish.
