SAS posts first profit since 2007

SAS announced this morning a 149 million kroner profit for 2013, after posting a 2.7 billion kroner loss the year before.

It is the airline's first profit since 2007 and SAS CEO Rickard Gustafson said the success was accomplished despite a weak economic trend and intensified competition.

“We can be proud of the improvement in full-year earnings [but] developments in the fourth quarter underlined the speed at which conditions change in the airline industry,” Gustafson said.

READ MORE: "Tremendous relief" after SAS deal reached

Plan worked
He pointed out that SAS has faced increased competition on its routes, but that the airline became more competitive by increasing its own capacity by six percent and decreasing operating expenses by 7.1 percent.

Last November, SAS employees and executives negotiated a deal in which staff took pay cuts and agreed to work longer hours in order to save 2.8 billion kroner annually.

SAS has divested large parts of its business, including ten percent of SAS Ground Handling to the Switzerland-based company Swissport and completing the sale of the regional airline Widerøe, which increased liquidity and reduced its debt by around 1.7 billion kroner.

Intense year
SAS also completed the renewal of its fleet by phasing out 46 aircraft so that when it launches 43 new routes in 2014, it will be running a modern fleet.

“The past year has been extremely intense. Through the solid commitment and hard work of all employees, SAS has now delivered, in line with targets, positive earnings for the full year," Gustafson said.

TOP STORIES

  • Navigating big love, big moves and big feelings

    Navigating big love, big moves and big feelings

    Experts believe it takes seven years to move into a new culture, according to leading Danish psychologist Jette Simon and therapist Vibeke Hartkorn. For expat couples, the challenges of starting a new life together in Denmark can put pressure on relationships, but emotions-focused therapy can help.

  • More and more Danes are working after retirement age

    More and more Danes are working after retirement age

    Politicians debate a lot these days about when you can retire. The reality shows that an increasing number of Danes like to work, even if they can withdraw from the labor market. Financial incentives help.

  • Environmental activist fears death in prison if extradited to Japan

    Environmental activist fears death in prison if extradited to Japan

    Canadian-born environmental activist Paul Watson has been in prison in Greenland for almost 100 days awaiting an extradition decision for a 14-year-old offence against a Japanese whaling vessel that he calls a “minor misdemeanor”. The 73-year-old had previously passed through Ireland, Switzerland, Monaco, France and the USA without trouble, before Greenlandic police arrested him in July.

  • Denmark too slow to ease recruitment rules for non-EU service workers, say industry associations

    Denmark too slow to ease recruitment rules for non-EU service workers, say industry associations

    When the Danish government in January presented the first of its schemes to make it easier to recruit foreign labour from outside the EU, it was hailed by the healthcare and service sectors as a timely and important policy shift. But while healthcare changes have been forthcoming, the service sector is still struggling, say the directors of the industry association Dansk Industri and one of the country’s largest private employers ISS.

  • Jacob Mark had it all coming in rising SF party – now he quits

    Jacob Mark had it all coming in rising SF party – now he quits

    SF became Denmark’s largest party in the EP elections in June. In polls, the left-wing party is breathing down Socialdemokratiet’s neck. It is a tremendous place to be next in line in Danish politics. But today, 33-year-old Jacob Mark announced he is quitting politics at the threshold of the door of power.

  • EU leaders toughen stance on return of irregular migrants

    EU leaders toughen stance on return of irregular migrants

    EU leaders agreed last week to speed up returns of migrants irregularly entering the bloc. Danish Prime Minister Mette Frederiksen is pleased, describing Denmark’s previous attempts to pitch a stricter asylum and migration policy to the EU as “like shouting into an empty handball hall in Jutland”. But not all leaders are enthusiastic.

Connect club

Connect Club is your gateway to a vibrant programme of events and an international community in Denmark.

Sign up here

Career

  • Come and join us at Citizens Days!

    Come and join us at Citizens Days!

    On Friday 27 and Saturday 28 of September, The Copenhagen Post will be at International Citizen Days in Øksnehallen on Vesterbro, Copenhagen. Admission is free and thousands of internationals are expected to attend

  • Diversifying the Nordics: How a Nigerian economist became a beacon for inclusivity in Scandinavia

    Diversifying the Nordics: How a Nigerian economist became a beacon for inclusivity in Scandinavia

    Chisom Udeze, the founder of Diversify – a global organization that works at the intersection of inclusion, democracy, freedom, climate sustainability, justice, and belonging – shares how struggling to find a community in Norway motivated her to build a Nordic-wide professional network. We also hear from Dr. Poornima Luthra, Associate Professor at CBS, about how to address bias in the workplace.

  • Lolland Municipality launches support package for accompanying spouses

    Lolland Municipality launches support package for accompanying spouses

    Lolland Municipality, home to Denmark’s largest infrastructure project – the Fehmarnbelt tunnel connection to Germany – has launched a new jobseeker support package for the accompanying partners of international employees in the area. The job-to-partner package offers free tailored sessions on finding a job and starting a personal business.

Want to advertise your job with CPH Post?

Contact us

Jobs