The package of measures is intended to reduce annual costs by 7.5 billion Swedish crowns (705 million euros), as SAS announced when presenting the quarterly figures on Tuesday. With this, the company wants to create a stable financial basis and ensure that it remains competitive in the long term.
“SAS needs a fresh start more than ever,” the airline said. On the one hand, the company has been burdened with an uncompetitive cost structure for many years, which has prevented it from reaching its full potential. On the other hand, the past two years have been the most difficult in the history of the aviation industry. The pandemic is having fundamental implications – from lockdowns and travel restrictions to changes in how people travel. Without radical changes, this would quickly drain the company’s financial resources, the airline noted.
SAS is now facing “a complete transformation of its operations,” according to a company statement — including implications for network, fleet, labor agreements and other costs. Among other things, there should be a realignment for long-haul flights. In addition, SAS wants to position itself as a leading company in sustainable flying.
In Stockholm, the SAS share temporarily lost 2.75 percent to 1.0415 Swedish crowns.
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