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Norwegian Air Shuttle Reports Second Quarter 2024 Net Profit of $44.4 Million

Joe Breitfeller

Norwegian Air Shuttle has reported a second quarter 2024 net profit of NOK 477 million (US $44.4 million).  At June 30, 2024, the carrier’s  cash balance totaled NOK 11.5 billion (US $1.1 billion), up NOK 1.1 billion (US $102.4 million) from Q1 2024.


Norwegian Boeing 737-800 - Courtesy Norwegian Air Shuttle/Mynewsdesk

On Friday (July 12, 2024), Norwegian Air Shuttle reported their second quarter financial results for the period ending June 30, 2024.  The carrier reported a second quarter EBIT of NOK 593 million (US $55.2 million) and a net profit of NOK 477 million (US $44.4 million).  At the end of the second quarter, Norwegian had a cash balance of NOK 11.5 billion (US $1.1 billion), up NOK 1.1 billion (US $102.4 million) compared to the end of Q1 2024.  Norwegian closed the quarter with a fleet of 86 aircraft, including 22 Boeing 737-8 MAX jets, while Widerøe’s fleet consisted of 49 aircraft.


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


“We have delivered solid operationally in the second quarter, while at the same time we have increased capacity towards the summer season.  I am also happy that Norwegian was once again voted Europe's most punctual airline in May.  Furthermore, both Norwegian and Widerøe have strong passenger growth.  We look forward to welcoming passengers on board on an increasing number of routes, departures and destinations.”


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

Norwegian’s second quarter load factor was 82.4 percent, down year-over-year by 2.0 percent, while Widerøe’s load factor increased 5.0 percent versus the same period last year to 70.2 percent. For the upcoming winter 2024/25 season, Norwegian has launched 27 new routes, including new routes to Dubai, Agadir and Hurghada, as well as Tromsø and Harstad/Narvik.


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 135 aircraft, with 86 Boeing 737-800 and 737-8 MAX jets in the Norwegian fleet, and 45 De Havilland Canada Dash-8 and four Embraer E190-E2s in Widerøe’s fleet.  Widerøe Ground Handling also serves 41 Norwegian airports.  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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