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Norwegian posts “one of best results ever”

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Airline reports first-quarter result up €31.5 million

Norwegian reported its first-quarter 2013 result today, improving it by NOK 238 million (€31.5 million) compared to the same quarter in 2012. It describes the result as “one of the best first quarters in the company’s history”.
Total revenues for the first quarter stood at NOK 2.9 billion, up 23% from the same quarter the previous year. Reuters outlines the effect on profit: “Norwegian, which is expanding around northern Europe at the expense of established carriers such as SAS, swung to a 69 million crown operating profit in the first quarter from a 575 million loss a year ago. That compared with an average analyst forecast for a 65 million crown loss.”
The company carried 3.9 million passengers, a total growth of 8% and its RPK was up 19%. ASK growth stood at 21%, load factor at 76%, down 1 percentage point from the same quarter last year.
The company’s costs fell by 8%, both including and excluding fuel. The airline says that the main cost-reducing factors are the establishment of new European bases and the delivery of new Boeing 737-800s. So far this year, Norwegian has taken delivery of six such aircraft. In April, Norwegian opened a new base at London Gatwick and launched 14 new routes to Mediterranean destinations and cities on the European continent. The company also opened a new base in Alicante, Spain, in March.
Reuters / TTG Nordic
[pictured: Airbus A320; image courtesy Airbus]

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