Published on Thursday, October 22, 2015

Profits more than double at Norwegian



Norwegian Air Shuttle more than doubled its third-quarter profits this year due to fuller aircraft, higher ticket prices and cheaper fuel.


Net profit for the three months to the end of September was £66 million, up from £30 million in the same quarter last year. However, the rise was lower than expected by analysts, who had suggested the airline would make £73 million.


Norwegian, which is the first of the major European low-cost airlines to launch long-haul flights, said demand and advance bookings for the final quarter of the year were 'satisfactory'.


It expects its capacity for the year to end 5% up following its expansion onto long-haul routes.


In the third-quarter it carried 7.7 million passengers, an increase of 9%. Long-haul passenger numbers were up 15%.


"The third-quarter results show that Norwegian's long-haul operations and international routes are becoming significantly more important," said chief executive Bjorn Kjos. " This is where we see most of the future growth potential, enabling the company to compete in a global market with strong competition."


The airline's load factor increased by six percentage points to 91%.

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