Norwegian returns to pretax profit in the third quarter
Low-cost carrier Norwegian made a pretax profit in the third quarter and says it is in a better position for the upcoming winter than in previous years.
The Scandinavian carrier made a pretax profit of NOK169 million ($20 million) in the three months leading up to September 30, 2021, compared with a loss of NOK980 million ($117 million) last year.
Norwegian, which came out of a restructuring process in May 2021, said it was looking ahead with “renewed optimism”.
“Our stringent focus on costs and expenditure places Norwegian in a far stronger position over the winter months than previous years,” the airline said in a third quarter earning report published on October 28, 2021.
Bookings have returned to more traditional patterns and are showing a positive trend “well into 2022”, the airline noted.
This means it will stick with plans to ramp up operations in the fourth quarter. It plans to increase its fleet to a peak of 50 short-haul aircraft within the last few months of 2021 and then to 70 aircraft in 2022.
“The third quarter showed an encouraging forward sales momentum in all markets and this trend continues into the fourth quarter, with October expected to deliver a load factor of around 80 percent,” the airline said.
However, like other airlines that have reported results over the last few weeks, Norwegian commented that rising fuel prices would hamper its recovery.
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