P.M. BRIEFING : Swissair Cuts Back in Slippage
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ZURICH — Switzerland’s national airline Swissair, which traditionally has posted profits, today said it has imposed a recruitment embargo because of poor results on North Atlantic and Far East routes and foreign exchange setbacks.
Previous cost-cutting measures, including partial hiring restrictions, failed to prevent continued setbacks in April, Swissair said.
Overall revenue rose 3% compared to April, 1989, the airline said, but costs before depreciation were 10% higher.
The seat-load factor was also 2 percentage points lower at 63.5%, Swissair said.
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