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Joe Breitfeller

Norwegian Air Shuttle Reports Fourth Quarter Net Loss of $11.7 Million, FY2022 Net Profit of $98 M

Norwegian Air Shuttle has reported a fourth quarter net loss of NOK 118.9 million (US $11.7 million) on a 95 percent year-over-year increase in revenue to NOK 4.97 billion (US $487.1 million). For FY22 the carrier reported a net profit of NOK 1.0 billion (US $98 million).


Norwegian Reports Fourth Quarter and Full Year 2022 Financial Results - Courtesy Norwegian Air Shuttle/Mynewsdesk

On Thursday (February 16, 2023), Norwegian Air Shuttle ASA reported their fourth quarter and full year financial results for the period ending December 31, 2022. The carrier reported a fourth quarter net loss of NOK 118.9 million (US $11.7 million) on a year-over-year increase in revenue of 95 percent to NOK 4.97 billion (US $487.1 million). For the full year, Norwegian reported a net profit of NOK 1.0 billion (US $98 million) on a 272 percent increase in revenue to NOK 18.87 billion (US $1.85 billion). At December 31, 2022, the airline had a cash balance of NOK 7.8 billion (US $764 million).


In Thursday’s financial report, Norwegian’s CEO, Geir Karlsen, said,


“We now close a chapter on 2022, a year where our operations have performed well, in spite of sweeping industry challenges across European airports, and a year where our financial results were negatively impacted by record-high fuel prices and a strong USD. Being the most punctual Nordic airline in 2022 is a true testament to the efforts of our many dedicated colleagues and an important reason for why an increasing number of customers choose to fly Norwegian, both for their leisure and corporate travels. Our New Year's sale campaign has exceeded all expectations with more than one million seats sold in only 14 days, a strong sign of the exciting year we have ahead of us.”


Norwegian's Fourth Quarter and Full Year 2022 Key Financial Results - Courtesy Norwegian Air Shuttle/Mynewsdesk


During the fourth quarter, Norwegian carried 4.6 million passengers, compared to 3.1 million in Q4 2021, with a load factor of 81.4 percent, up from 77.0 percent during the same period last year. The carrier closed the year with a fleet of 70 aircraft, and now offers service on over 300 routes across the Nordics and to key European destinations. Norwegian has also signed a letter-of-intent to lease six Boeing 737-8 MAX jets from Air Lease Corporation (ALC), which are expected for delivery before the summer 2023 season. The company plans on operating a fleet of 81 aircraft this summer.


Norwegian Air Shuttle was founded in 1993, However, the low-cost airline with Boeing 737 aircraft began flying in 2002, offering 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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