SAS reveals worst financial results in five years

Scandinavian Airlines (SAS) saw its profits drop significantly in 2019.

SAS earned 440 million Danish krones (over 65 million U.S. dollars) in the 2018 to 2019 financial year, a decrease of over 60 percent from last year.

According to Simon Pauck Hansen, director of SAS in Denmark, the results are “unsatisfactory”.

“This is due to the weak Swedish krona, higher oil prices and the strike which adversely affected our result,” Hansen told Danish broadcaster DR TV.

In April and May of 2019, pilots went on strike for seven days because they could not agree with the management on wages and working hours.

SAS suffered 4,000 cancellations, lost 370,000 passengers which costed the company 450 million Danish krones (nearly 67 million U.S. dollars) in revenue.

“We are an industry where we need to improve efficiency on an ongoing basis to ensure that we keep up with our competitors,” said the financial statement.