Norwegian signals slowdown after third-quarter profit rise
Norwegian saw its net profit rise 18% year on year to £121 million during the third quarter after cutting its unit costs by 10%.
Total revenue was up 33% to £1.2 billion for the three-month period when the low-cost airline carried 11 million passengers, 11% more than during the third quarter of 2017.
However, CEO Bjorn Kjos said the airline’s growth was expected to slowdown. "I am very pleased to present a solid result this quarter with a reduced unit cost despite strong growth. Going forward the growth will slow down, and we will begin to reap the large investments we have made over the years, which will benefit customers, employees and shareholders," he said.
"However, there is no doubt that tough competition, high oil prices and a strong dollar will affect the entire aviation industry, making it even more important to further streamline our operations and continue to reduce costs."
The airline’s load factor during the third quarter of this year remained high at 90.5%, but it was slightly less than the 91.7% achieved in the same period of 2017.~
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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