Scandinavian airline SAS reported a first-quarter pre-tax loss in line with expectations today but said markets were improving and repeated a forecast that it would return to profits in 2004.
Loss-making SAS, which has seen demand for high-margin business travel plunge in the past two years in a depressed world economy, saw overall conditions beginning to improve.
"A continued improvement in the economic situation and good growth in the group's total traffic are expected for the remainder of 2004," the company said.
Group traffic rose in the first quarter by 7.3 per cent which was "on par" with the market.
SAS reported a 10 per cent year-on-year rise in March passenger traffic, building on a similar rise the previous month.
The report echoed that of other European carriers which have also seen a rebound in March passenger numbers from the previous year.
Budget airline easyJet reported a 16.6 per cent jump in March passenger traffic, and rival Ryanair posted a 51 per cent rise. British Airways, Europe's biggest airline, carried 12.7 per cent more passengers in March.