The first-quarter reports of Northern Europe’s three leading airlines—Finnair, Norwegian Air Shuttle and SAS—make for some disconcerting reading. The first three months of the year are typically the weakest for airlines in Europe, but this year the period was particularly difficult for low-cost carrier Norwegian and its full-service competitors, Finnair and SAS. Red ink poured through the profit-and-loss accounts of Finnair and Norwegian, while SAS warned that ...


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