SAS Cargo net income down 68%
Scandinavian Airlines Systems’ cargo division Wednesday said it’s net income for 2004 was down 68 percent at SEK 11 million ($1.5 million) compared to SEK 34 million in 2003.
SAS Cargo’s turnover in 2004 was SEK 2.83 billion ($380 million), down 4 percent on the SEK 2.95 billion posted in 2003.
SAS Cargo cited increased overcapacity in the market which drove prices down as well as the decreasing U.S. dollar conversion rates, as factors affecting the results.