SAirGroup reports loss of nearly SFr3 billion

New SAirGroup chief executive, Mario Corti, is expected to announce major changes as a result of the losses. Keystone / Walter Bieri

The troubled SAirGroup, which includes the Swissair and Crossair airlines, has announced losses of SFr2.885 billion ($1.67 billion) for last year. This is the worst financial result in the 70-year-history of Swissair.

A statement from the company on Monday blamed its investments in Belgian, French and German airlines as largely responsible for what it called “the worst year in the history of the Swissair/SAirGroup’s finances”.

The statement added that the Belgian airline, Sabena, in which the group has an almost 50 per cent stake had losses of SFr496 million last year, while its participation in the French arlines AOM, Air Liberté and Air Littoral were SFr138 million in the red.

Swissair also had losses of SFr195 million.

The total losses in the group airline operations were SFr1.216 billion, the statement added.

“Considerable” provisions have been put aside, which has plunged the earnings before interest and taxes (EBIT) to SFr2.592 billion in the red.

Further details of the company’s results and future strategy are due to be announced later on Monday.

swissinfo with agencies