Norway

Norwegian air posted profit of NOK 1.3 billion

Third quarter results for Norwegian is overwhelming. Norwegian posted a net profit of NOK 1.3 billion in the third quarter. This is a solid increase compared to last year revenue, costs are significantly reduced and revenues are increased.

“It is gratifying to produce a good result with reduced unit costs despite strong growth, not least internationally. In the future, growth will slow down and we will see the results of the major investments we have made, which will benefit customers, employees and shareholders, says CEO Bjørn Kjos.

He also remembers the tough competition in aviation and that high oil prices and a strong dollar price will also affect the industry. This is why it is designed to further streamline operations and cost reductions, “says Kjos.

An increase of 11 percent is seen in aircraft passengers in Norway in third quarter. The cabin factor, ie how well the company is able to fill the aircraft, fell to 90.5 per cent in the third quarter of this year, from 91.7 last year, according to the company itself.

Operating revenues increased by NOK 3.3 billion to NOK 13.4 billion in the third quarter of 2018, compared with the same three months last year. Total operating expenses increased by just over NOK 3.1 billion. This figure includes labor costs and other personnel expenses that increased by almost NOK 300 million.

As usual, the company points to the very young aircraft fleet, which, with an average age of 3.7 years, has led to a 30 per cent reduction in emissions per passenger since 2008.

– A new report submitted this quarter shows that Norwegian is the most fuel-friendly airline on transatlantic routes. This shows that our investment in the latest aircraft on the market is the most important environmental measure in aviation. New aircraft are win-win for the environment, passenger comfort on board and ticket prices contribute to lower costs for Norwegian, says Kjos.

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