SAS stock trading suspended / News / The Foreigner

SAS stock trading suspended. The Stockholm Stock Exchange suspends trading of SAS stocks following rumours about the company’s financial situation, Tuesday. SAS representatives have been asked to explain what is happening for Stockholm Stock Exchange owners Nasdaq OMX term as “information symmetry.” The move is because of “the information in the media that has been circulating around the company's financial situation,” Nasdaq’s press spokesperson Carl Norell told financial website di.se.

sasstocktradingsuspended, saslosses



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SAS stock trading suspended

Published on Tuesday, 30th October, 2012 at 13:17 under the news category, by Lyndsey Smith   .
Last Updated on 30th October 2012 at 14:23.

The Stockholm Stock Exchange suspends trading of SAS stocks following rumours about the company’s financial situation, Tuesday.

A SAS plane (illusration photo)
A SAS plane (illusration photo)
Photo: SAS


SAS representatives have been asked to explain what is happening for Stockholm Stock Exchange owners Nasdaq OMX term as “information symmetry.”

The move is because of “the information in the media that has been circulating around the company's financial situation,” Nasdaq’s press spokesperson Carl Norell told financial website di.se.

Danish paper Jyllands-Posten reports the airline has experienced pre-tax losses of 10 billion kroner since 2008. SAS has only been in profit for two of the last ten years. 

Joint 50 percent owners the Norwegian, Danish, and Swedish states have ploughed in about 10 billion kroner in the last three.

Last week, it announced plans to cut many salaries by up to 25 percent.

There have been rumours it would sell subsidiary Widerøe. SAS already decided to jettison its airport buses in September.

SAS told Swedish newspaper si.se that the company currently had no comments about the situation but would come back with a press release at a later stage.

Today, it announced it would be releasing a positive Q3 result on 8 November, with an EBT of 568 MSEK, passenger revenue growth of 9 percent and a 6 percent unit cost reduction in what it terms as “a very difficult and competitive industry environment.”

“Furthermore, SAS has for some time signalled the need for significant further efficiency improvements in order to secure its long term competitiveness,” writes the company in a statement, announcing a plan “to fundamentally address its cost on a long-term basis” is near completion.

SAS share trading resumed at 11:30 on the Stockholm Stock Exchange, rising 14 percent.




Published on Tuesday, 30th October, 2012 at 13:17 under the news category, by Lyndsey Smith   .
Last updated on 30th October 2012 at 14:23.

This post has the following tags: sasstocktradingsuspended, saslosses.





  
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