Norwegian has reported a third quarter 2024 pre-tax profit of NOK 2.0 billion (US $183.5 million). At September 30, 2024, the carrier had a cash balance of NOK 11.5 billion (US $1.05 billion).
On Friday (October 25, 2024) Norwegian Air Shuttle reported their third quarter financial results for the period ending September 30, 2024. The carrier reported an operating profit (EBIT) of NOK 2.13 billion (US $195 million), and a pre-tax profit of NOK 2.0 billion (US 183.5 million). Norwegian ended the quarter with cash totaling $11.5 billion (US $1.05 billion), up NOK 2.1 billion (US $192.2 million) compared to the end of the third quarter 2023.
In Friday’s announcement, Norwegian’s CEO, Geir Karlsen, said,
“We are satisfied with a solid quarter where we have increased the load factor and unit revenue across the group, especially in light of the fact that Norwegian had a capacity increase of 10 per cent. The passenger record in the previous quarter shows that the acquisition of Widerøe was successful, and we look forward to continuing to realize synergies between the companies. The booking trend for the fourth quarter looks promising for both airlines, both for leisure and business travel. Norwegian has a number of exciting new winter routes, including to Dubai and Egypt, in addition to new routes from major European cities to Tromsø and Evenes.
“Going forward, we will continue the work to streamline operations and identify further synergies with Widerøe. We want to expand our route network with exciting destinations for customers, while at the same time taking into account the challenges that current fleet forecasts entail.”
During the third quarter, Norwegian’s fleet included 86 aircraft, 22 of which are modern and efficient Boeing 737-8 MAX airplanes, while Widerøe had a fleet of 49 aircraft. Norwegian Group carried a total of 7.2 million passengers during the period, including over 1.0 million by Widerøe for the first time. Norwegian’s Q3 load factor increased year-over-year by 0.6 percent to 88.0 percent, and Widerøe’s load factor increased 4.6 points to 78.0 percent.
Norwegian Air Shuttle was established in September 2002 with four domestic routes and has since carried over 300 million passengers. The airline Group, including Widerøe, is the largest in Norway and currently employs approximately 8,200 team members. Most employees are based in Norway in Oslo, Trondheim, Bergen and Stavanger, or at the company’s head office at Fornebu in Bærum. The carrier also has offices in Riga and Barcelona, as well as bases in Alicante and Malaga.
The Group’s fleet, including Widerøe, now totals 135 aircraft, with 86 Boeing 737-800 and 737-8 MAX jets in the Norwegian fleet, and 45 De Havilland Canada Dash-8 and four Embraer E190-E2s in Widerøe’s fleet. Widerøe Ground Handling also serves 41 Norwegian airports. Norwegian currently offers affordable flights on a short-haul network of destinations in the Nordic countries and to key European destinations. Norwegian aims to reduce CO2 emissions by 45 percent by 2030.
Source: Norwegian Air Shuttle/Mynewsdesk
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