Norwegian Air back in black after recording full-year operating profit
James ChappleReborn Norwegian Air returned to operational profitability in 2022 after two years of upheaval, posting a full-year operating profit of NOK 1.5 billion (£122 million).
The positive outlook came despite a weak final quarter (three months to the end of December) impacted by "seasonally softer demand" in which it "limited" pre-tax losses to NOK 80 million (£6.5 million) and operating losses to NOK 39 million (£3.2 million).
During the pandemic, Norwegian shut down its long-haul operation and restructured to emerge as a predominantly domestic carrier, albeit now one working to restore its European network.
Norwegian carried 4.6 million passengers during Q4 2022, up from 3.1 million in Q4 2021, while load factor improved from 77% to 81.4%.
It ended the year operating a fleet of 70 aircraft and with a banked cash position of NOK 7.8 billion (£640 million).
"We close a chapter on 2022, a year where our operations have performed well, in spite of sweeping industry challenges across European airports," said Norwegian chief executive Geir Karlsen, who said headwinds included record fuel prices and a strong US dollar.
Norwegian said it was now "well positioned" to re-establish itself as a leading Nordic carrier, with more than 300 routes on sale for 2023.
It has signed a letter of intent with Boeing for an addition six leased 737 Max 8 aircraft, and anticipates operating a fleet of 81 aircraft this summer.
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Place of registration: England and Wales.
Company number 08723341.
Registered address: 6th Floor, 2 London Wall Place, London EC2Y 5AU
