Tuesday, February 3, 2009

SAS to axe 3,000 jobs

 Scandinavian airline SAS announced on Tuesday that it would cut 3,000 jobs after reporting big losses in 2008.
SAS had 23,000 employees at the end of last year. It reported net losses of 6.32bn kronor ($757m; £532m) in 2008, after profit of 636m kronor in 2007. And it lost 2.77bn kronor in the fourth quarter alone. SAS was hardly hit by the record rise of oil price and credit squeeze. SAS is also selling its 47.2 percent holding in AirBaltic, a Latvian carrier, as well as its stakes in Spirit, Air Greenland, BMI, Estonian Airways, Skyways, Cubic and Trust. SAS was formerly known as Scandinavian Air System.

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