Norwegian Posts Quarterly Loss Of $143 Million As Airline Seeks Survival Capital

norwegian posts quarterly loss of 143 million as airline seeks survival capital

Only a small number of Norwegian planes took off during the first quarter in 2021, contributing to … [+] heavy losses for the struggling airline.

NurPhoto via Getty Images

Struggling carrier Norwegian has announced its consolidated pre-tax results for the first quarter of 2021. The airline, still undergoing a corporate restructuring process in Ireland and Norway, saw a 96% year-on-year drop in revenue contribute to an EBT deficit of 1.189 billion Norwegian kroner ($143 million).

Ongoing pandemic-related travel restrictions saw the quarterly revenue drop to just 255 million Norwegian kroner ($30.6 million), down from 6.5 billion Norwegian kroner ($780.3 million) the previous year.

Norwegian has also elected to run a minimal service during the restructuring process, operating on selected routes within Norway, many of which are supported by government subsidies. Just 210,000 passengers flew with Norwegian during the first quarter, also down 96% year-on-year.

In the stock exchange notification, Norway’s CEO Jacob Schram said the figures were “as expected” but remained positive about the future: “During this difficult period Norwegian has continued to reach a number of milestones that will secure our future and ensure that the airline remains a key competitor in the European market…

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