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APR 29, 2004 (newstodate): Despite difficult market conditions for airfreight in 2003, SAS Cargo managed to continue the positive trend from 2002 by presenting a profit for the second consecutive year, the company says.
-As expected, yield continued to fall in 2003, from 2.27 in 2002 to 2.15 in 2003. The main reasons being over-capacity in the market driving the prices down, and a 20 percent drop in the US and other currencies, which cost the company about 200 million Swedish Crowns in revenues, and some 30 million on the bottom line.
-Roughly the same amount was, however, regained through the current "Fitness" cost savings program.
-The number of staff in SAS Cargo increased from 1146 to 1258 in 2003, primarily due to the acquisition of Novia Cargo in Copenhagen, and of Braathens Cargo in Norway, says Torben Nielsen, SAS Cargo Vice President and COO.
-As expected, yield continued to fall in 2003, from 2.27 in 2002 to 2.15 in 2003. The main reasons being over-capacity in the market driving the prices down, and a 20 percent drop in the US and other currencies, which cost the company about 200 million Swedish Crowns in revenues, and some 30 million on the bottom line.
-Roughly the same amount was, however, regained through the current "Fitness" cost savings program.
-The number of staff in SAS Cargo increased from 1146 to 1258 in 2003, primarily due to the acquisition of Novia Cargo in Copenhagen, and of Braathens Cargo in Norway, says Torben Nielsen, SAS Cargo Vice President and COO.