Norwegian raises revenues but posts loss

Airline reports 25% higher revenues in first quarter y-o-y

Norwegian reported its first quarter results this morning. The company’s total revenues for the period stood at 2.36 BNOK (€312 million), up 25% compared to the same quarter the previous year. However, the company blames high oil prices for its overall quarterly net loss of 286 MNOK. It says that fuel prices were 15% higher than in the same quarter in 2011. But the result could have been worse: “The company’s continuous introduction of brand new and more efficient aircraft contributed to considerable fuel savings,” the airline said.
Norwegian carried more than 3.6 million passengers during the quarter, an increase of 19% y-o-y, and the load factor increased by 3 percentage points to 77%.
“The introduction of brand new, more fuel efficient aircraft will make us even more robust against high fuel prices,” CEO Bjørn Kjos promised.
[photo courtesy Norwegian]