SAS had an operating profit of NOK 858 million in the fiscal year 2015/2016. This is a decrease of 1.6 billion from the previous fiscal year.
Yet the company must cut costs sharply over the next two years.
After tax, the company were left with 1.2 billion surplus, according to results released on Tuesday morning.
‘We operate in a tough environment in terms of competition, and we see that we are very strong in the business market. Now we want to take a larger share of the leisure market.
To achieve this we need to reduce costs, and gain a stronger financial position’, said Executive Vice President, Eivind Roald, of the SAS Group to news agency, NTB.
SAS Group reported a before tax profit of 527 million in the accounts of the fourth quarter of 2016, against a profit of 792 million for the same quarter last year.
SAS CEO, Rickard Gustafson, wrote in the annual report that the company is considering establishing bases outside Scandinavia.
Source: NTB scanpix / Norway Today