Norwegian Air Shuttle has reported a third quarter net profit of NOK 909.7 million (US $88.7 Million) or NOK 0.8 (US $0.08) per diluted share on a year-over-year increase in revenue to NOK 5.94 billion (US $579 M), compared to NOK 1.5 billion (US $150 M) in Q3 2021.
On Wednesday (October 26, 2022), Norwegian Air Shuttle reported their third quarter financial results for the period ending September 30, 2022. The carrier reported a third quarter net profit of NOK 909.7 million (US $88.7 million) or NOK 0.8 (US $0.08) per diluted share on a revenue increase of NOK 5.95 billion (US $ 579 million), versus NOK 1.5 billion (US $150 million) during the third quarter of 2021. At September 30, 2022 Norwegian’s liquidity position improved to NOK 8.2 billion (US $799 million). The company closed the quarter with a fleet of 69 aircraft.
In Wednesday’s announcement, Norwegian’s CEO, Geir Karlsen, said,
“This quarter shows that we are the reliable choice for Nordic customers who travel with us on holiday, to visit friends and family, and for those who travel for work. Many business travelers choose to fly with Norwegian, and the number of business travelers on our most popular routes in Norway is now at the same level as before the pandemic. Demand is expected to be lower in the winter season, which is now just around the corner, but Norwegian is well prepared to handle the quieter period, both through careful route planning and flexible leasing agreements, as well as through good agreements with our colleagues and trade unions.”
During July 2022, Norwegian’s load factor reached nearly 95 percent, a historically high level, and the carrier closed Q3 with an average load factor of 88.8 percent, up from 73.1 percent during the same period last year. The airline carried 6.1 million passengers in the third quarter and operated nearly all scheduled flights, despite challenges at airports across Europe. In September, Norwegian finalized a commercial cooperation agreement with regional carrier Widerøe, offering customers enhanced connectivity on routes within Norway. The carrier also celebrated their 20th anniversary on September 1, 2022.
Norwegian Air Shuttle was founded in 1993, but 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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