SAS CEO: 'Earnings level is not yet satisfactory'

STOCKHOLM — Scandinavian airline group SAS says its second-quarter net loss narrowed to 388 million kronor ($59 million) from 429 million kronor a year earlier as a result of cost cuts.

Revenue in the February-April period fell to 9.9 billion kronor from 10.1 billion.

Facing high expenses and stiff competition from budget airlines, SAS in November embarked on a wide restructuring plan and announced 800 job cuts aimed at saving 3 billion kronor annually.

CEO Rickard Gustafson said Wednesday SAS's "earnings level is not yet satisfactory" but said the restructuring efforts have been successful in lowering the company's costs.