Norwegian Reports Record Results for Third Quarter

Norwegian Reports Record Results for Third Quarter

Norwegian (NAS) reported third quarter 2011 operating results of 1 BNOK. This is the company's best ever quarterly results. The company’s overall cost is significantly reduced by 10 percent. Brand new aircraft have saved the company as much as 47 MNOK in fuel costs compared to the same quarter previous year.

Norwegian also set a new passenger record and carried over 4.6 million passengers in the third quarter, 21 percent more than last year. Unit costs are reduced by 10 percent without fuel and 2 percent including fuel - despite fuel prices that are almost 50 percent higher.

The quarter is also characterized by a high load factor of 84 percent, up 4 percentage points compared to previous year. At the same time, the total capacity increased by 22 percent. Turnover in the third quarter was 3.4 billion MNOK.

MNOK 175 of the third party revenue in 2010 is related to damage payment from SAS for industrial espionage against Norwegian. The 2010 net profit was affected by a currency gain of NOK 172 million not related to the operation.