Norwegian reports NOK 189m profit for 2010

Despite a loss of NOK 5.4 million in the fourth quarter of last year, Norwegian has announced a net profit for the whole of 2010 of NOK 189 million.

During the year, the airline carried more than 13 million passengers, an increase of 21% compared with 2009.

“The 2010 results prove that more and more passengers choose to fly with Norwegian. We are very pleased with the strong growth in number of passengers and total capacity. The fact that we have reduced our costs considerably compared to the previous year, has further strengthened our competitiveness,” declared CEO Bjørn Kjos. “Still, 2010 was a challenging year for the airline industry, and our results are strongly influenced by soaring fuel prices, strikes and the authorities closing European airspace in April.”

Compared with 2009, the fuel costs in the fourth quarter jumped by 63%. The total increase, however, was reduced by Norwegian’s gradual addition of new, more environmentally friendly aircraft that use less fuel. Norwegian received 13 brand new Boeing 737-800s in 2010, and in 2011 an additional 15 will be added to the fleet.

The company’s unit costs for the year, excluding fuel, were cut by 10% compared with 2009’s figures. Including fuel, the overall costs were also reduced considerably, says the carrier.

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