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Norwegian Air Shuttle Reports First Quarter Net Loss of NOK 903.5 Million

Norwegian has reported a first quarter 2024 net loss of NOK 903.5 million (US $82 M) on a year-over year increase in revenue of 55 percent to NOK 6.14 billion (US $556.3 M).  At March 31, 2024, the carrier had a cash balance of NOK 10.4 billion (US $942 M).


Norwegian Reports First Quarter 2024 Financial Results - Courtesy Norwegian Air Shuttle/Mynewsdesk

On Thursday (April 25, 2024), Norwegian Air Shuttle reported their first quarter financial results for the period ending March 31, 2024.  The carrier reported a first quarter 2024 net loss of NOK 903.5 million (US $82 million) on a year-over year increase in revenue of 55 percent to NOK 6.14 billion (US $556.3 million).  At March 31, 2024, the carrier had a cash balance of NOK 10.4 billion (US $942 million).  Norwegian completed the acquisition of regional carrier Widerøe on January 12, 2024.


In Thursday’s announcement, Norwegian’s CEO, Geir Karlsen, said,


“The improvement from 2023 is a clear sign that our measures on both the income and cost side are working and taking us in the right direction. Furthermore, we have greatly increased capacity for the coming season.  We look forward to flying our passengers to both new and existing destinations across Europe this summer.


“Together with the Widerøe organisation, we are looking at how the acquisition can create a much better offer for new and existing customers.  This includes, among other things, that we look at how we can simplify the journey from all parts of Norway and all the way out into Europe.  We will create synergies together, both commercially and operationally, and have already seen benefits from the first measures.  Furthermore, we look forward to how the new FOT route agreement will affect the rest of the year.”


Norwegian's First Quarter 2024 Financial Results - Courtesy Norwegian Air Shuttle/Mynewsdesk

During the first quarter Norwegian Group served 4.8 million customers, with 4.0 million at Norwegian and 800,000 at Widerøe, with an average load factor of 85 and 67 percent, respectively.


Norwegian Air Shuttle was established in September 2002 with four domestic routes and has since carried over 300 million passengers.  The airline Group, including Widerøe, is the largest  in Norway and currently employs approximately 8,200 team members.  Most employees are based in Norway in Oslo, Trondheim, Bergen and Stavanger, or at the company’s head office at Fornebu in Bærum.  The carrier also has offices in Riga and Barcelona, as well as bases in Alicante and Malaga.  The Group’s fleet, including Widerøe, now totals 136 aircraft, with 87 in the Norwegian fleet, and 49 in Widerøe’s fleet.  Norwegian 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 2030.



Source: Norwegian Air Shuttle/Mynewsdesk

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