Norwegian Air Shuttle has reported a first quarter EBIT loss of NOK 916 million (US $85.8 million). At March 31, 2023 the carrier had a cash balance totaling NOK 8.6 billion (US $806 million).
On Friday (May 12, 2023), Norwegian Air Shuttle reported their first quarter financial results for the period ending March 31, 2023. The carrier reported a first quarter EBIT loss of NOK 916 million (US $85.8 million) on a year-over-year increase in revenue of 107 percent to NOK 3.98 billion (US $373.5 million). At March 31, 2023, the company had cash and cash equivalents totaling NOK 8.6 billion (US $806 million). During the first quarter, Norwegian carried 3.8 million passengers, up from 2.2 million in Q1 2022. The airline closed the first quarter 2023 with a fleet of 72 aircraft.
In Friday’s announcement, Norwegian Air Shuttle’s CEO, Geir Karlsen, said,
“The first quarter of the year shows that we are able to adapt to seasonal variations in demand. At the same time, we have used the time well to prepare for the busy travel period we are now entering. By the summer season, we have phased in eleven new and modern aircraft and welcomed many new colleagues. I am very happy that this summer we do not have to hire either aircraft or crew externally. We will welcome our travelers exclusively with our own planes and our own staff.
“We have worked to improve the customer experience at Oslo Airport Gardermoen, where we have welcomed 150 new colleagues in our newly created customer functions at check-in, boarding and arrival. We are thus well prepared, both on the ground and in the air, to welcome all passengers in what I believe will be the strongest summer in Norwegian's history.”
Norwegian Air Shuttle was established in September 2002 with four domestic routes. The carrier is the largest Norwegian airline and currently employs approximately 4,500 team members. Most employees are based in Norway in Oslo, Trondheim, Bergen and Stavanger, or at the company’s head office in Fornebu. The carrier also has offices in Riga and Barcelona, as well as bases in Alicante and Malaga. The carrier currently offers affordable flights on a short-haul network of destinations in the Nordic countries and to key European destinations. Norwegian aims to reduce CO2 emissions by 45 percent by 2050.
Source: Norwegian Air Shuttle/Mynewsdesk