SAS Group reported a net loss of SEK1.7 billion ($255 million) for the full-year 2011, narrowed 24.2% from a net loss of SEK2.23 billion in 2010. It sustained a net loss of SEK2.08 billion in the fourth quarter, reversed from a SEK47 million net profit in the 2010 December quarter.
The bankruptcy of Spanair hurt the results, the company said .
"We were unable to deliver marginally positive earnings for the full-year 2011 as previously communicated due to Spanair filing for bankruptcy and the subsequent requisite impairment corresponding to SEK1.7 billion," it said. "As dissatisfactory as it may be, after adjustments for the effects of Spanair, we delivered marginally positive earnings."
SAS Scandinavian Airlines announced in January it would lay off 300 administrative staff as part of its 4Excellence program aiming to cut annual costs by 3%-5% .
Article Source : ATW Daily News
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