Norwegian Air to scale back capacity growth
Norwegian Air is slowing up growth this year in its efforts to return to profitability.
Capacity growth for 2019 will be scaled back from around 15%-20% to 9%.
"Going into 2019, we will enter a period of slower growth and fewer investments, while constantly looking for new and smarter ways to improve our efficiency and offer new products and services to attract new customers," said chief executive Bjorn Kjos.
The airline said it has also reached an agreement with Boeing which will have a ‘positive effect’ in 2019.
Norwegian Air sunk to a fourth-quarter loss of NOK 3 billion (€300m) from a deficit of NOK 713 million (€74m) a year ago.
It blamed continued tough competition, high fuel prices and significant costs relating to Rolls Royce engine issues on its Dreamliners.
It has already announced plans for a rights issue of NOK 3 billion to strengthen its balance sheet following IAG’s decision to abandon a takeover last month.
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Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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