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Scandinavian airline group SAS AB on Tuesday posted a first-quarter net loss of 1.08 billion kronor (euro115 million; US$181 million ), citing higher fuel costs and growing competition, and said it would slash 1,000 jobs to reduce costs.

The result was down from a net loss of 18 million kronor in the first quarter of last year.

Sales in the first three months of 2008 rose to 12.83 billion kronor (euro1.37 billion; US$2.15 billion), from 11.89 billion kronor in the same period last year, SAS said.

“The negative earnings trend we experienced in November and December last year continued in the first quarter of 2008,” Chief Executive Mats Jansson said.

source: Forbes

Filed under SAS, Traditional airlines.