STOCKHOLM Dec 19 Scandinavian airline SAS
said on Thursday that weak market conditions would slow
its turn around plan after posting its first full year profit
Pretax profit for the fiscal fourth quarter was 442 million
crowns ($67.67 million) for the airline, 50 percent owned by
Sweden, Denmark and Norway.
SAS said intesified competition and weak economic growth had
hit its fourth quarter and that the first quarter would also be
weak, although it expects a full year profit in the 2013/2014
"SAS now expects, as an additional consequence of the weaker
conditions, that the financial targets expected to be reached in
2014/2015 will not now be reached until 2015/2016," it said.
In the full year year, the profit was 433 million crowns
versus a loss of 3.25 billion in the previous year
SAS's fiscal year runs from November to October.
($1 = 6.5315 Swedish crowns)
(Reporting by Simon Johnson, editing by Terje Solsvik)