SAS, the airline, had revenues of just over SEK 3.4 billion in August, according to preliminary figures from the company. The update is part of the ongoing Chapter 11 bankruptcy protection process in the United States, according to a press release.
SAS's total revenue for the period November 1 to August 31 in the broken fiscal year totals SEK 24.6 billion, according to preliminary figures. At the end of the third quarter, the airline reported accumulated revenue of SEK 21.17 billion.
”"All SAS companies covered by the voluntary Chapter 11 process must, under US bankruptcy law, submit financial reports to the court on a monthly basis," SAS writes in the press release.
The accumulated net loss amounted to minus SEK 6.57 billion on August 31. At the end of the third quarter (the period May to July), the net loss was minus SEK 5.81 billion.
At the end of August, SAS had total assets of SEK 61.70 billion and liabilities of SEK 61.17 billion. SAS had SEK 6.1 billion in cash on August 31.
The company points out that the figures have not been subject to any audit.
The stock, which rose in Monday's trading, temporarily jumped to a gain of 2.7 percent when the figures were published, then fell back slightly.
SAS CEO Anko van der Werff said in an interview with Bloomberg in mid-September that operations have stabilized since the pilot strike ended in July.
Prior to this, a bankruptcy court in New York had approved a crisis loan of the equivalent of SEK 7.1 billion to the company, with the American asset manager Apollo Global Management providing the entire credit.
Source: DI.SE
