Sweden's SAS reports decreased loss in Q1
STOCKHOLM, May 10 (Xinhua) -- The Scandinavian Airline Group SASon Tuesday reported a net loss of 373 million Swedish kronor (60million U.S. dollars) in the first quarter, down nearly 50 percentfrom the same period last year.
"The first quarter of 2011 was dominated by continued economicrecovery and the favorable economic trend is expected to continue in2011, particularly in the SAS Group's home market, but improvedearnings are driven by cost savings," said Richard Gustafson, newpresident and CEO of SAS, in a statement.
In the first quarter this year, SAS launched the Oslo-New Yorkroute to meet demand from the Norwegian market.
SAS also issued a bond loan of about 2 billion kronor (318million dollars) as part of a planned loan refinancing process.
The company aimed to achieve positive incomes during 2011 but therising jet fuel prices would be a big challenge, said Gustafson.
He said new technology would be introduced such as Near FieldCommunication and onboard Internet to further optimize theefficiency of trips with SAS this year.
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