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High fuel prices also hurt, Mr. Chastanet said.
The airline blamed high fuel prices and reduced demand.
Low-income consumers suffer most from high fuel prices.
WHILE motorists elsewhere fret about high fuel prices, new-car buyers in Brazil can feel smug.
"With high fuel prices, we have raised our fares, which reduces demand," Mr. Smisek said.
"High fuel prices are increasing costs and recovering them through higher tariffs may affect demand.
Demonstrations were held to protest the government's oil policies and high fuel prices.
SAS has been struggling with high fuel prices and tough competition during an economic slowdown.
"The pricing environment remains strong and the industry is successfully recovering high fuel prices".
With other carriers, Europe's biggest low-cost airline has been hit by high fuel prices.
"Instead of ignoring high fuel prices, we take meaningful steps to restrain and ultimately reduce them".
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