
Budget airline Norwegian Air Shuttle beat expectations with strong first-quarter earnings on Thursday as it grabbed market share and grew its fleet even as it reduced costs. Norwegian, which is expanding around northern Europe at the expense of established carriers such as SAS, swung to a 69 million crown ($11.9 million) operating profit in the first quarter from a 575 million loss a year ago. That compared with an average analyst forecast for a 65 million crown loss. The company placed Europe’s biggest-ever aircraft order last year when it ordered 222 short-haul jets from Boeing and Airbus, betting on rapid growth in the relatively healthy and fast-growing economies of the Nordics. Its cost per seat kilometre in the first quarter, traditionally the weakest period for the airline industry, fell to 0.47 crowns from 0.50 a year ago, putting it on track to meet its full-year guidance of between 0.42 and 0.43. Available seat kilometres, which reflects the airline’s capacity, will grow by over 25 per cent this year as it gets 14 new narrow body jets and starts long haul operations to both North America and Asia. First-quarter numbers came ahead of forecasts as revenue grew faster than predicted, costs were lower and it did a better job turning around last year’s fuel hedging loss into a gain. Norwegian added that only 4 per cent of its 2013 fuel exposure was hedged, indicating a recent oil price drop would continue to benefit the company. Source: Gulfnews.com
GMT 17:56 2018 Wednesday ,17 January
Ericsson to write down 1.4 billion euros in fourth quarterGMT 19:16 2018 Saturday ,13 January
China shuts Marriott website over Tibet error, scolds other firmsGMT 17:31 2018 Thursday ,11 January
UK group bids for Europe's biggest aluminium smelterGMT 17:24 2018 Thursday ,11 January
UK supermarket Sainsbury's lifts outlook after bumper ChristmasGMT 17:52 2018 Tuesday ,09 January
H&M removes 'black boy' ad after racism accusationGMT 19:38 2018 Wednesday ,03 January
Petrobras pay $2.95bn to settle US class action on corruptionGMT 13:49 2018 Wednesday ,03 January
China’s Ant Financial drops $1.2 billion MoneyGram deal as US approval failsGMT 17:47 2017 Sunday ,31 December
BA owner to buy bankrupt Austrian airline Niki
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor