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Joe Breitfeller

Norwegian Air Reports Third Quarter Pre-Tax Profit of $20.3 Million on Revenue of $232 Million

Norwegian Air Shuttle has reported a third quarter 2021 pre-tax net profit of NOK 169 million (US $20.3 million) on a year-over-year increase in revenue of 50 percent to NOK 1.93 billion (US $232 million). The company ended the quarter with NOK 7.6 billion (US $913 million).


Norwegian Air Shuttle Reports Third Quarter 2021 Financial Results - Courtesy Norwegian Air Shuttle/Mynewsdesk

On Thursday (October 28, 2021), Norwegian Air Shuttle ASA reported their third quarter 2021 financial results for the period ending September 30, 2021. The carrier reported a third quarter pre-tax (EBT) profit of NOK 169 million (US $20.3) million on a 50 percent year-over-year increase in revenue to NOK 1.93 billion (US $232 million). During the third quarter, Norwegian carried nearly 2.5 million guests with an average load factor of 73.1 percent, an increase of 12.5 points compared to Q3 2020. At September 30, 2021, Norwegian had NOK 7.6 billion (US $913 million) in cash and cash equivalents, and an operating fleet of 51 aircraft.


In Thursday’s announcement, Norwegian’s Chief Executive Officer, Geir Karlsen, said,


“The third quarter results clearly demonstrate that the actions taken across the organisation to safeguard the future of Norwegian by lowering debt and liabilities, while focusing on cost efficiencies, have succeeded. We are now in a strong financial position going into the traditionally more challenging winter months. We have seen a positive trend in forward bookings month on month and an increasing number of passengers are choosing to fly Norwegian across our European network.”


Norwegian Air Shuttle's Third Quarter 2021 Key Financial Results - Courtesy Norwegian Air Shuttle/Mynewsdesk

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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