Denmark's Sterling Airlines had a pre-tax loss of DKK199.3 million ($35 million) in 2004, including a deficit of DKK69.8 million in the fourth quarter. It noted that passenger numbers rose 36.4% to 1,825,206 while earned revenues totaled DKK1.61 billion. MD Harald Andresen attributed the red ink to a number of factors: "Competition is very tough at the moment, and there is a great deal of overcapacity...which is forcing the prices of our product right down. At the same time, we have incurred ...

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