Norwegian suffers big Q1 loss

CEO blames multitude of factors for poor result
Norwegian has posted a significant loss for the first three months of 2017, despite welcoming 14% more passengers on board and continuing to launch many new routes.
The low-cost carrier suffered a loss of NOK 1.5 billion (€161 million) for the quarterly period, on top of a NOK 800 million loss in the last quarter of 2016.
Norwegian launched as many as 39 new routes during the quarter and saw 6.7 million passengers, up 14%.
But Norwegian CEO Bjørn Kjos blamed higher fuel costs, tough competition, a rise in the value of the Norwegian krone, a typically weak quarter for airlines – and Easter.
“In this quarter we are particularly feeling the effects of high fuel charges in combination with a strong Norwegian krone against the British pound, euro and Swedish krone, which represent almost half of our turnover,” he explained.
“Additionally the figures are affected by the fact that Easter did not fall in the first quarter, as it did last year.”
NTB / The Local