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Norwegian Air Reports Small Profit for First Half of 2021

Norwegian Air Reports Small Profit for First Half of 2021

Norwegian Air has posted a small pre-tax profit in its second quarter results.

The newly restructure airline reported a pre-tax profit of NOK1.59 million (€154,000) in the first half of 2021.

It compares favourably to a loss of NOK4.792 million (€466,873) in the same period in 2020.

Total revenue in the first half of 2021 was down 92 per cent on the same period last year, due to travel restrictions and lower demand.

However the company successfully exited the examinership and reconstruction process which improved equity by NOK 10.7 billion (€1 billion) – thanks in large part to NOK 6 billion (€584.5 million) equity raise.

Forward bookings continue to increase in response to the relaxation of travel restrictions and the roll out of international vaccination programmes.

“It mark a clear improvement in both the financial situation, due to lower operating costs and the successful completion of the reconstruction process of the company, and the gradual ramp up of our operations in response to increased passenger demand,” said Geir Karlsen, CEO of Norwegian.

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Fionn Davenport is the editor-in-chief of the ITTN group, including ITTN and ITTN Ireland. He's one of Ireland's best-known travel journalists and writers, with nearly 30 years' experience writing guidebooks for Lonely Planet and others.

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