STOCKHOLM, Dec 19 (Reuters) - Scandinavian airline SAS said on Thursday that weak market conditions would slow its turn around plan after posting its first full year profit since 2007.
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 period.
“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)