On Thursday, SAS reported a pretax loss of 3.3 billion Swedish crowns ($389 million) for its fourth quarter as sales fell 77 per cent due to the coronavirus crisis. That compared with a profit of 1.1 billion crowns a year earlier and a loss of 2.1 billion crowns in the third quarter. “We expect that 2021 will be a weak and tough year but hopefully less bad than 2020,” he added after SAS reported a full-year loss of 10.2 billion Swedish crowns ($1.2 billion). “The finalized recapitalization, followed by additional initiatives to manage liquidity, makes SAS prepared for a tough winter season and a challenging fiscal year 2021, that most likely will be loss making,” SAS said in a statement. SAS warned of weak operating cash flow in the current quarter due to weak demand and accelerated refunds to customers.

Source: Dhaka Tribune December 03, 2020 14:15 UTC