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%.
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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