Five year campaign achieves proftable 2005 for SAS
After five years of striving the SAS Group returned to profitability in the 2005 year.
Its year end report shows operating revenue improved by 6.5 percent to A$11.2 billion with the fourth quarter achieving nine percent growth.
Income before capital gains and nonrecurring items improved by 1.8 billion Swedish kronor on 2004 to 11.4 billion SEK (A$2 billion).
Europe’s fourth largest airline group increased passenger numbers for the year by 8 percent to 34.9 million. (By comparison, in the year ended 30 June 2005 Qantas and its subsidiaries carried 32.6 million passengers and earned revenue of $12.6 billion.)
The positive result for SAS came at the completion of the biggest process of change in the group’s history, the Turnaround 2005 campaign to save 14 billion SEK (A$2.5 billion) over five years.
“After five years of sweeping changes, it’s nice to see the results and return to a profitable year,” says Scandinavian Airlines General Manager Australia and New Zealand Lars Sandahl-Sorensen.
“It is very pleasing to see strong development in growth of passengers and also total revenue in 2005. Both internationally and out of Australia we experienced strong passenger growth in inter-continental and inter-European traffic and increased revenue, though not yield.”
The return to positive earnings reflects not only cost cutting measures but the huge investment SAS has made in new services and products, he said.
“Even though our intercontinental fleet is only a few years old, we are again upgrading to maintain our very high service standards and the expectations of our customers.”
Graham Muldoon
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