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Thu, May 15, 2003

SAS Has Financial Troubles, Too

Declining Traffic Hits Hard

Scandinavian Airlines has just reported its largest-ever quarterly loss, 28% worse than even last year's red-ink-record first quarter.

A deficit of some 1.446 billion kroner (US$181.3 million) dwarfed last year's first-quarter loss of 1.17 kroner. SAS CEO Jørgen Lindegaard said in a statement from Stockholm that he is unhappy with the airline's performance, while adding that no one could have predicted the effect of SARS. He wrote, "Historically, the SAS Group experiences its lowest demand in the first quarter, but this year the period was exceptionally weak. From March onwards, SARS had a negative impact on demand on routes to and from parts of Asia."

That scare, added to the already-lousy airline-travel environment, will be listed as a prime cause of the airline's plan to fire or furlough roughly 7500 employees, some 20% of the headcount. The reductions, hinted-at for weeks, should help the airline reduce capacity, part of its plan to save over 13 billion kroner per year, by the time it's fully-implemented, in 2005.

FMI: www.scandinavian.net

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