STOCKHOLM (AP) — Scandinavian carrier SAS AB, the largest airline in Northern Europe, on Wednesday reported a worse-than-expected 42 percent drop in second-quarter net profit, blaming mainly soaring jet fuel costs.

The Stockholm-headquartered company, which for years has struggled amid cut-throat competition from low budget airlines, posted a profit of 320 million kronor ($48 million), down sharply from the 551 million kronor recorded in the same three months a year earlier.

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