SAS reports Q1 2023 loss despite near-50% passenger increase

Scandinavian Airlines (SAS) recorded a 2.7bn Swedish kroner (SEK: US$ 260 million) loss between November 2022 – January 2023 period, despite a 48% year-on-year surge in passenger numbers during the quarter (Q1 2023). Revenue came to over SEK 7.7bn for the period, with income before tax of minus SEK 2.4bn, a “slight improvement” on Q1 2022 but nearly 20% below Q1 2020. More positively, the currency-adjusted passenger yield was up almost 7%, likely due to pricier fares, but that did not prevent earnings per share dropping to negative SEK 0.37. In a measure likely to further push up flight ticket