The share price of the biggest Scandinavian airline surged 8% in early trading. It closed up more than two percent. The carrier is 50% owned by Denmark, Sweden and Norway.
It wants to save three billion Swedish crowns – that’s 350 million euros – in cutting 800 jobs and lowering wages. It aims at raising as much cash through asset sales. The restructuring will reduce staff from 15,000 to 9,000.
SAS has not made a full-year profit since 2007. In order to recover, it’s trying to imitate the cost structure implemented by its big low-cost rival, NAS-Norwegian Air Shuttle.