SAS announces losses

SAS Announce Big Losses Due To Crash Landings

The enforced grounding of a number of SAS planes after three crash landings in October last year, cost the Scandinavian airline around 500 million kronor - that’s 78 million US dollars.

The losses saw the company announce a net loss for the fourth quarter and the Stockholm based companywhich announced on Tuesday plans for at least 900 job cuts, said it expected October’s decision to ground its Bombadier made Dash Q400 fleet and lease other planes to cover for them, would cost a further 700 to 800 million kronor in 2008.

The crash landings caused no deaths or serious injuries, but the company said it hit passenger confidence which had already taken a knock during strikes earlier in the year.

SAS reported a net loss of 596 million kronor in the quarter, compared with a profit in the same period the previous year.

SAS, which operates Scandinavian Airlines - the joint carrier of Sweden, Denmark and Norway - last year launched a savings package of 2.8 billion kronor, that’s 438 million US dollars, with the bulk of the savings to be made between 2008 and 2009.

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