Scandinavian airline SAS today warned it would struggle to meet its full-year forecast after posting a sharp rise in second-quarter pre-tax losses, as it counted the cost of a recent strike by its pilots. 

The carrier, which is still partly owned by Sweden and Denmark while Norway has sold its entire stake, had earlier guided for a positive full-year result before tax and non-recurring costs. 

Struggling in the face of high fuel prices and cut-price competition from the likes of Norwegian Air and Ryanair, SAS is renewing its aging fleet and has been restructuring for years to slash costs. 

The company said its pretax loss was 1.22 billion Swedish crowns ($127.4m) in the February-April period.

This compared with a 488 million crown loss a year earlier and a mean forecast in a Reuters survey of three analysts for an 808 million loss. 

SAS cancelled around 4,000 flights between April 26 and May 3 as pilots demanding better pay and working conditions went on strike, disrupting the travel plans of 370,000 customers. 

SAS today estimated the cost for the strike at 650 million crowns, of which 430 million related to the last five days of the second quarter. 

A weak crown and higher fuel prices also weighed on the quarterly result.

The airline's shares are down 32% so far this year.