SAS Airline 'fighting For Survival', CEO Says As Shares Plunge
Mohammad Ali (@ChaudhryMAli88) Published October 25, 2021 | 05:40 PM
Stockholm, (UrduPoint / Pakistan Point News - 25th Oct, 2021 ) :Stocks in Scandinavian airline SAS tumbled on Monday after its chief executive said the company was fighting for its survival and must cut costs.
"When I see what the market looks like today, how our clients are changing, and the size of our debt, it's absolutely clear that we have to do things very differently," Anko Van der Werff, who took over as CEO in July, told Danish business newspaper Finans late Sunday.
"It is a fight to change SAS so that we have a future." SAS is currently facing several problems, including a permanent drop in business travel and costly collective labour agreements, he said.
Van der Werff said he had summoned the main unions for three months of negotiations aimed at cutting costs and increasing flexibility.
"This requires understanding and willingness from everyone... SAS needs to be competitive so we can survive, grow, and create jobs," he said.
In early afternoon trading on Monday, the SAS share price had lost 14 percent on the Stockholm stock exchange.
The ailing airline cut 5,000 jobs last year -- representing 40 percent of its workforce -- and announced in May this year a credit line of three billion kronor ($350 million) from the Danish and Swedish governments, its main shareholders, to get through the crisis.
That aid came on top of a first line of credit for the same amount and a capital increase in 2020.
Related Topics
Recent Stories
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
Law Minister expresses Govt's resolve to address issue of missing persons
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
Iranian President visits Allama Iqbal’s mausoleum
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
Today Gold Rate in Pakistan 23 April 2024
Islam enlightened world with its teachings about knowledge: Dr Jamileh
More Stories From Miscellaneous
-
PDMA predicts gusty wind, rain with thunder, hails
2 hours ago -
Iranian president Raisi given guard of honour at PM House
1 day ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
2 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
2 days ago -
Cattle farming vital to alleviate poverty in rural areas
2 days ago -
Pakistan: A land of tourism, archeological wonders
3 days ago
-
Transforming education sector: from job hunters to job creators
4 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
8 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
9 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
9 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
12 days ago -
Radio Bahawalpur to broadcast Eid programs
14 days ago