SCANDINAVIAN airline SAS has announced a set of disappointing financial results for the fourth financial quarter and the full year.
These results included a loss of 575m kroner for the year, with 352m of that figure coming in the fourth quarter alone.
As a result, the company will now implement its sixth savings plan in the past twelve years. Reasons for the company’s lack of success have primarily been attributed to intense competition from other airline services that cater to the Scandinavian region such as Ryanair and Norwegian Air.
The company, which is 50 per cent owned by Denmark, Norway and Sweden, has also announced nine new routes, including one from Stockholm to Hong Kong, for 2015.