Scandinavian airline SAS said Friday profits tumbled in the second quarter as low fuel costs and savings failed to offset headwinds from low fares and an adverse exchange rate. Net profit fell 38 percent between February and April compared to the same three-month period a year earlier, to 171 million kronor (18.4 million euros, $21 million), the airline said.
Sales dropped five percent to 8.9 billion kronor, it added. "The weak results were primarily attributable to three factors: increased price pressure, technical maintenance costs and negative currency effects," SAS president and chief executive Rickard Gustafson said in a statement. Passenger numbers rose however and the airline saw a 5.7-percent rise in its seat occupancy rate, it said.