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Norwegian Air Reports Second Quarter Pre-Tax Profit of $129 Million on Revenue of $503 Million

Norwegian Air Shuttle has reported a second quarter pre-tax profit (EBT) of NOK 1.248 billion (US $129 million) on a year-over-year increase in revenue from NOK 336 million (US $34.7 million) to NOK 4.869 billion (US $503 million).

Norwegian Air Shuttle Reports Second Quarter 2022 Financial Results - Courtesy Norwegian Air Shuttle/Mynewsdesk

On Thursday (August 25, 2022), Norwegian Air Shuttle ASA reported their second quarter financial results for the period ending June 30, 2022. The carrier reported a second quarter pre-tax profit (EBT) of NOK 1.248 billion (US $129 million) on a 1,351 percent year-over-year increase in revenue to NOK 4.869 billion (US $503 million). Norwegian ended the second quarter with cash and cash equivalents totaling NOK 7.5 billion (US $775 million), unchanged from the previous quarter. During the second quarter, the airline announced a landmark deal for the purchase of 50 Boeing 737-8 MAX airplanes for delivery between 2025 and 2028, a time frame which closely correspond to current aircraft lease expirations. As part of the agreement, Norwegian reinstated previously impaired pre-delivery payments (PDP) of NOK 2.099 billion (US $216.4 million). The company’s operational fleet at the close of Q2 included 65 aircraft.

In Thursday’s announcment, Norwegian Air Shuttle’s CEO, Geir Karlsen, said,

“This quarter has demonstrated our ability to rapidly ramp up capacity and effectively meet the strong demand for air travel. The results have been made possible thanks to our dedicated colleagues that put our customers at heart of our operations. I am particularly pleased that we deliver market-leading regularity in times with capacity constrains across European airports and a strike in Norway.

“The aircraft deal with Boeing is key for the Norwegian’s next chapter. It will enable us to serve our customers with modern fuel efficient aircraft, significantly reducing our carbon footprint. In addition, it sets the stage for us to own a large share of our fleet, enabling us to solidify our Nordic stronghold.”

Norwegian's Second Quarter 2022 Financial Results - Courtesy Norwegian Air Shuttle ASA

In the second quarter, Norwegian carried approximately 5.0 million passengers, up from 400,000 in the same period last year and 2.2 million during the first quarter of 2022. The carrier’s load factor for the second quarter increased year-over-year by 23.8 percent to 81.2 percent, an increase also from 76.9 percent during Q1 2022. Norwegian’s revenue per available seat kilometer (RASK) for the second quarter was NOK 0.62 (US .064 cents), while costs per available seat kilometer (CASK) was NOK 0.74 (US .076 cents). Second quarter costs excluding fuel (CASK-ex) was NOK 0.43 (US .044 cents), and ancillary revenue per passenger totaled NOK 158 (US $15.45).

Norwegian Air Shuttle was founded in 1993 and offers smart and pleasant travel experiences at low prices. The airline has been voted ‘Europe’s Best Low-Cost Airline’ by Skytrax for the last six years. Norwegian’s loyalty program, Norwegian Rewards, has also been voted ‘The Airline Industry’s Best Loyalty Program in Europe/Africa’ at the Freddie Awards four years in a row. In 2019, Norwegian became the first airline to sign the UN Climate Action Programme, committing to becoming climate neutral by 2050. The carrier currently offers affordable flights on a short-haul network of destinations in the Nordic countries and to key European destinations.

Source: Norwegian Air Shuttle/Mynewsdesk


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