Norwegian has reported an operating loss of NOK 763 million ($70 million) for the group in Q1 2024, results ‘significantly improved’ year-on-year from last year’s NOK 916 million (despite a weaker Norwegian krone), as the group’s liquidity position rose to NOK 10.4bn ($0.95bn). This included a cash settlement for the Widerøe acquisition.
“The significant improvement compared to 2023 is a clear sign that our many initiatives, both on revenue and costs, have the desired effect and move us in the right direction,” explained Norwegian CEO Geir Karlsen. Norwegian became the sole owner of regional carrier Widerøe in January 2024 and Karlsen explained how the two intend to “create significant synergies together, both commercially and for operational efficiency,” having “already capitalised on initial opportunities”.
The Norwegian group fleet comprised a total of 136 aircraft, 87 for Norwegian and 49 for Widerøe; carrying a quarterly load factor of 85% and 67%, both up four percentage points. 4.8 million passengers travelled with Norwegian while 0.8 travelled with Widerøe. From April 1 2024, a new public service obligation (PSO) contract will entail a 50% reduction in maximum prices alongside a 6% capacity increase for the regional subsidiary. The fleet is forecasted to remain at 87 aircraft throughout the peak summer season.
Norwegian narrows operating loss in Q1 2024
