Norwegian returns to profitability after massive restructuring

©Norwegian

Norwegian Air (Norwegian) has reported its fourth-quarter 2021 and preliminary full-year 2021 financial results, revealing a pre-tax (EBT) profit of NOK 117 million for the fourth quarter compared to a loss of NOK 16.6 billion for the fourth quarter of 2020.

In the fourth quarter of 2021, 3.1 million passengers travelled with Norwegian, up from 0.6 million in the same period in 2020 and 2.5 million in the previous quarter. Production (ASK) was 4.6 billion seat kilometres, while passenger traffic (RPK) was 3.6 billion seat kilometres. The load factor increased to 77.0 percent, up from 52.4 percent for the same period in 2020 and 73.1 percent in the previous quarter. At the end of the fourth quarter 2021, the total operational fleet was made up of 51 aircraft. At the end of the fourth quarter 2021, cash and cash equivalents had increased to NOK 7.7 billion.

“I am pleased that we have been able to adapt to fluctuations quickly and efficiently, and that we can report a profit and an improved cash position in a quarter strongly affected by the omicron virus and government-imposed travel restrictions. I would also like to thank colleagues from across the airline for their continued dedication and hard work. We are looking forward to welcoming more customers on board heading into the busier spring and summer seasons, with a fleet increasing to 70 aircraft and over 270 routes on sale,” said Geir Karlsen, CEO of Norwegian. (£1.00 = NOK 12.21 at time of publication).

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