Scandinavian airline SAS reports $240 million loss in 2011

Scandinavian airline SAS recently declared its operational results for 2011 and expressed dismay. The airline was dissatisfied over the results and said that it had suffered a net loss of $240 million during the last year.

The airline attributed the losses largely to the bankruptcy of Spanair, in which it currently holds a 10.9 percent stake.

The group said that the bankruptcy of the Spanish carrier cost it $255.65 million. SAS had posted a net loss of $330.85 million in 2010.

Rickard Gustafson, Chief Executive of SAS, said that the airline had, however, managed to deliver marginally positive earnings after making adjustments for the effects of Spanair.

The airline said that the turnover increased slightly in 2011 to $6.22 billion. SAS carried 27 million passengers, 7.8 percent more as compared to 2010.