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Reduction in business travel drags SAS into Q4 loss
SAS, the Scandinavian carrier, has announced a sharp fall into losses in the fourth-quarter.
The Stockholm-based airline lost SKr997m in the three months to the end of December, compared with a profit of SKr1.35bn in the same period a year previously.
The company said the events of 11 September, the subsequent acts of war and substantially reduced business class traffic were the main reasons for the poor performance in the fourth quarter.
Jorgen Lindegaard, SAS’s president, said the company was particularly badly hit because of the relatively high proportion of business traffic it carries. In October, business class traffic on routes between the US and Scandinavia slumped by more than half.
The company said that it expected the weak demand to continue in the first half of 2002 but that there will be some improvement in the second half of the year.
The group forecast further losses for 2002 and described the situation at its core airline operation as “precarious”.
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