SAS shares fall sharply after losses

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1 年前

STORY: Shares in Scandinavian airline SAS fell sharply on Thursday (June 1).

The stock was down by 12% after the company posted losses for the second quarter.

SAS saw a pretax loss of just under $140 million in the three months to April 30th - that was better than expected, and an improvement on last year.

But the company has struggled to exit bankruptcy proceedings quickly.

And its shares have a high chance of being worthless after those proceedings.

Despite the losses, SAS expects a busy summer ahead.

The Nordic carrier said consumers were prioritizing travel even amid high inflation.

It comes after SAS and other airlines struggled through the health crisis, and faced labor issues and high costs.

But carriers have seen better than expected bookings for the coming months.

That as growing numbers of people want to travel again after a long time facing health crisis restrictions.

The bookings are a positive, but SAS still faces other problems.

The carrier said high fuel jet prices and currency exchange rates present issues.