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Norwegian reports underlying result improvement and high load factor in the first quarter

Press release   •   Apr 21, 2016 08:03 EDT

Norwegian today reported its first quarter results for 2016 with an underlying improvement of more than 400 MNOK ($49m), compared to the same quarter previous year. The company’s intercontinental and Nordic routes had a positive impact on the results. The load factor was record high at 85 percent, in a quarter that is traditionally considered low season.

The pre-tax result (EBT) was -992 MNOK, compared to -777 MNOK the same quarter previous year. Included in the 2016 figures are negative currency effects and losses from forward jet-fuel contracts, amounting to a loss of 528 MNOK. 

The load factor for the first quarter was 85 percent, up two percentage points compared to the same quarter last year. The airline carried close to six million passengers in the first quarter, an increase of 17 percent. Norwegian’s strongest growth was at London Gatwick, where the airline operates both long- and short-haul routes. The growth at Spanish airports is also considerable. In the Nordic countries passenger numbers increased, both in regards to total number of passengers and market shares. 

“The first quarter results show that we have an underlying profit improvement of 400 million NOK compared to the same quarter last year. Our load factor continues to be very high. The long-haul operations are becoming significantly more important. We also see growth in the Nordics and in Europe in general. We also see that the Scandinavian and European route networks both play an increasingly important role in our long-haul strategy, as many of our passengers connect from short haul to long haul and vice versa. An increasing number of business travellers choose to fly with Norwegian, and we have entered into agreements with several large corporations in the first quarter. This indicates that passengers appreciate a high quality product at a low price,” said CEO Bjørn Kjos. 

In the first quarter, Norwegian announced new long-haul routes between Paris and the US, and took delivery of five brand new Boeing 737-800 and one Boeing 787-9 Dreamliner.

For detailed information, please see pdf attached.

Media Contacts:
Chief Communications Officer Anne-Sissel Skånvik, tel + 47 97 55 43 44
CFO Frode Foss, tel. +47 91 63 16 45

About Norwegian

Founded in 1993 and headquartered in Oslo, Norway, award-winning Norwegian Air Shuttle is the third largest low-cost carrier in Europe and the world’s seventh largest. Norwegian offers more nonstop European destinations from the United States than any other European airline with seamless connections across the continent. Norwegian offers 39 nonstop routes from the U.S. to London, Paris and Scandinavia, as well as six routes from the U.S. to the Caribbean. Onboard features include more legroom than most competitors and free in-flight Wi-Fi on short-haul routes. The airline carried 26 million passengers in 2015 on the world’s most modern and eco-friendly fleet to its network that stretches across Europe into North Africa and the Middle East, as well as long-haul flights to the U.S. and Southeast Asia – a total of more than 440 routes to 132 destinations. Over 5,500 people in Scandinavia, Europe, Asia, and the U.S. work for Norwegian. Follow @Fly_Norwegian on Twitter, join the discussion on Facebook and keep up with our adventures on Instagram. For more information on Norwegian and its network, visit norwegian.com

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