Norwegian reports positive results for Q4 of 2021

Norwegian airlines - GardermoenPhoto: Håkon Mosvold Larsen / NTB
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Norwegian is reporting good figures for the fourth quarter, but the omicron variant affects the result somewhat. Earnings before tax ended at NOK 117 million before tax.

The figures from Norwegian show that the demand for flights increased from the previous quarter, but it was still negatively affected by the outbreak of the omicron variant of the coronavirus.

In the fourth quarter, 3.1 million passengers traveled with Norwegian, compared with 2.5 million passengers in the previous quarter. In the fourth quarter of 2020, the number of passengers was just under 0.6 million – the entire industry was hit hard by the corona pandemic and restrictions.

Earnings before tax (EBT) was NOK 117 million in the fourth quarter of 2021 against NOK 169 million in the third quarter.

A different company

In the fourth quarter of 2020, when the company was in the middle of bankruptcy proceedings, the company reported a net loss of NOK 16.6 billion.

Norwegian is now a completely different company. In connection with the restructuring of the airline in the spring of 2021, debts and liabilities totaling NOK 140 billion were restructured. At that time, the company had only 15 of 131 aircraft in operation, primarily domestically in Norway, due to the corona situation, E24 writes.

Since the reconstruction process in May last year, the company’s results have shown a positive development.

“Satisfied”

Norwegian’s turnover increased in the fourth quarter to NOK 2.5 billion, up from about 2 billion in the third quarter, the newspaper Dagens Næringsliv writes, adding that total operating costs in the fourth quarter ended at NOK 2.4 billion, up from NOK 1.9 billion in the third quarter.

According to E24, the earnings before interest and taxes (EBIT) amounted to minus NOK 263 million, compared with minus NOK 296 million in the previous quarter.

“I am pleased that we are effectively adapting to frequent changes in the market, and that we can report a positive bottom line and an improved cash balance in a quarter that was strongly marked by government-imposed restrictions following the emergence of the new omicron variant,” CEO Geir Karlsen in Norwegian stated in a press release.

Source : © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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