The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Troubled Scandinavian Airlines operator SAS AB is now smaller than a bus company.
Its market value has dropped to just 5.09 billion kronor ($546 million), after its shares slumped almost 40 percent so far this year. That means that Nobina AB, the Nordic region’s largest public-transport service provider, is now bigger, with a market capitalisation of 5.11 billion kronor.
SAS has had a tough year, with challenges such as a competitive market, increasing jet fuel prices and a weak Swedish krona exacerbated by a pilot strike grounded some 4,000 flights. It will be a challenge to make a profit before taxes this year, SAS has said.
To make matters worse, SAS is also grappling with so-called flying shame. The phenomena is seemingly having a real impact on travel patterns.