SAS airline three-month loss down to $100 million
Scandinavian airline group SAS sees Nov-Jan net loss drop to $100 million on cost cuts
STOCKHOLM (AP) -- Scandinavian airline group SAS says it narrowed its net loss in the November-January period to 630 million kronor ($100 million) from 2.5 billion kronor a year earlier, mainly through cost cuts.
Revenue in the period was up to 9.6 billion kronor from 9.3 billion kronor as overall traffic grew 4.3 percent.
Facing stiff competition from budget airlines and high expenses, SAS AB in November embarked on a wide restructuring plan to streamline operations and announced 800 job cuts aimed at saving 3 billion kronor annually.
CEO Rickard Gustafson said Friday he was not satisfied with the performance but was upbeat about 2013, saying SAS is committed to completing its action plan. Its aim to achieve positive income before tax for the full-year "remains firmly in place."
