Stockholm - The SAS Group, the operator of the joint carrier Scandinavian Airlines, on Tuesday posted a pre-tax loss of 403 million kronor (48 million dollars) in the last quarter of 2008 and said it planned further job cuts.

The fourth-quarter loss compares with a pre-tax profit of 57 million kronor in the final quarter of 2007.

Turnover dropped in the quarter to 12.29 billion kronor, compared to 13 billion kronor for the corresponding business period 2007.

SAS management said it planned to reduce its staff by some 9,000 employees to 14,000. The cuts include 5,000 jobs impacted by divestments like the recent sale of subsidiary Spanair to a group of Spanish-based investors and outsourcing.

SAS also unveiled a 6-billion-kronor rights issue. The group said it had secured support for the move from the governments of Norway, Sweden and Denmark that own a 50-per-cent stake as well as the largest private stakeholder, the Wallenberg Foundations linked to the influential Swedish business family.

For the full-year 2008, SAS turnover increased 5 per cent to 53.19 billion kronor, generating a pre-tax loss of 1 billion kronor.

The red ink reflected the 4.8 billion kronor losses at the Spanair subsidiary, SAS said.

The group said it planned to reduce its fleet by an additional 14 aircraft or about 10 per cent on short and medium-haul routes.

SAS chief executive Mats Jansson said in a statement that 2008 had been "challenging and turbulent," citing soaring oil prices, the financial crisis and economic recession that had impacted on travel.

SAS launched a five-point programme stating it would focus on its Nordic home market and on business travellers.

The SAS Group flew 6.6 million passengers during the quarter, down 8 per cent year-on-year. (dpa)