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Norwegian Air Shuttle reports first net profit of the year in 3Q08


Scandinavia’s largest LCC, Norwegian Air Shuttle, posted a net profit of EUR46.9 million in 3Q08 (three months ended 30-Sep-08), an impressive 443% year-on-year improvement. Norwegian’s revenue is also on the rise, totalling EUR223.4 in the quarter, a 48.9% year-on-year increase. However, this was exceeded by a 55.9% increase in operating costs to EUR187.2 million, as the airline continued its expansion drive and faced increased fuel costs. [1243 words]

Unlock the following content in this report:


  • Operating margin of -5%; EBITDAR margin of 16.3% in quarter
  • Ancillary revenue an increasingly important source of income
  • Non-fuel unit costs fall a credible 16% in 3Q08; unit costs remain stable
  • International revenues exceed domestic revenues
  • Load factors fall across the board, but remain above 80%
  • Risk and uncertainty moving into the last quarter and 2009
  • "Significant" adjustments within route network planned, as focus shifts to shorter, higher-yielding sectors

Graphs and data:

  • Norwegian financial highlights for three months ended 30-Sep-08
  • Norwegian EBITDA margin: FY2004 to 2Q08
  • Cost per ASK development: 3Q05 to 3Q08
  • Norwegian revenue growth (domestic and international): 3Q05 to 3Q08
  • Norwegian traffic highlights for three months ended 30-Sep-08
  • Passenger growth: 3Q04 to 3Q08
  • Capacity (ASK) growth and load factor (%): 3Q04 to 3Q08
  • Norwegian fleet growth: FY2004 to 3Q08 
  • Norwegian sensitivity analysis: Sep-08
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