March 3, 2020 / 7:13 AM / a month ago

BRIEF-SAS Updates On Covid-19

March 3 (Reuters) - SAS AB:

* UPDATE ON COVID-19

* IN RESPONSE TO LOWER DEMAND, SAS WILL IN NEXT COUPLE OF MONTHS SEEK TO REDUCE PART OF ITS SHORT HAUL NETWORK CAPACITY

* FURTHERMORE, AND IN ADDITION TO ALREADY SUSPENDED FLIGHTS TO/FROM MAINLAND CHINA, SAS WILL SUSPEND FLIGHTS TO HONG KONG FROM 5 MARCH.

* SAS WITHDRAWS ITS FISCAL YEAR 2020 GUIDANCE PROVIDED TO MARKET ON 5 DECEMBER 2019

* AT THIS STAGE, IT IS TOO EARLY TO ASSESS FULL IMPACT ON SAS OPERATIONS AND FINANCIAL OUTCOME AND THEREFORE NOT POSSIBLE TO GIVE A MORE ACCURATE GUIDANCE.

* IN ORDER TO MITIGATE REVENUE IMPACT FROM REDUCED DEMAND, SAS IS PURSUING A NUMBER OF COST REDUCTION INITIATIVES

* SAS IS ALSO IMPLEMENTING OTHER MEASURES SUCH AS CUTS IN ADMINISTRATION AND PERSONNEL EXPENSES, IMPLEMENTATION OF HIRING FREEZE, AND POSTPONEMENT OF NON-CRITICAL PROJECTS, MARKETING AND PROMOTIONAL CAMPAIGN

* MEASURES RELATED TO PERSONNEL EXPENSES MAY INCLUDE TEMPORARY LAYOFFS, VOLUNTARY LEAVE, EARLY RETIREMENT OR OTHER INITIATIVES. Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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