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Norwegian Air Shuttle reports 38% operating profit growth in 2Q2013, in the black in 1H2013

12-Jul-2013 3:07 PM

Norwegian Air Shuttle revenue up 27% – financial highlights:

  • Three months ended 30-Jun-2013:
    • Operating revenue: NOK4012 million (EUR533.4 million), +27% year-on-year;
      • Ancillary passenger revenue: NOK429.9 million (EUR57.2 million), +27%;
    • Operating costs: NOK3438 million (EUR457.1 million), +25%;
      • Fuel: NOK1157 million (EUR153.8 million), +20%;
      • Labour: NOK627.3 million (EUR83.4 million), +30%;
    • Operating profit: NOK446.1 million (EUR59.3 million), +38%;
    • Net profit: NOK196.8 million (EUR26.2 million), +117%;
    • Passenger numbers: 5.5 million, +23%;
    • Load factor: 77%, +1 ppt;
    • Yield: NOK0.53 (EUR 7.0 cents), -7%;
    • Unit revenue: NOK0.41 (EUR5.5 cents), -6%;
    • Unit cost: NOK0.42 (EUR 5.6 cents), -9%;
    • Unit cost excl fuel: NOK0.29 (EUR 3.9 cents), -8%;
  • Six months ended 30-Jun-2013:
    • Operating revenue: NOK6916 million (EUR919.4 million), +25%;
      • Ancillary passenger revenue: NOK767.4 million (EUR102.0 million), +20%;
    • Operating costs: NOK6153 million (EUR818.1 million), +10%;
      • Fuel: NOK2016 million (EUR268.1 million), +16%;
      • Labour: NOK1251 million (EUR166.3 million), +26%;
    • Operating profit: NOK515.2 million (EUR68.5 million), compared to a loss of NOK252.3 million (EUR33.5 million) in p-c-p;
    • Net profit: NOK79.6 million (EUR10.6 million), compared to a loss of NOK195.0 million (EUR25.9 million) in p-c-p;
    • Passenger numbers: 9.4 million, +16%;
    • Load factor: 77%, stable;
    • Yield: NOK0.52 (EUR 6.9 cents), -2%;
    • Unit revenue: NOK0.40 (EUR 5.3 cents), -3%;
    • Unit cost: NOK0.44 (EUR 5.8 cents), -8%;
    • Unit cost excl fuel: NOK0.31 (EUR 4.1 cents), -8%;
    • Total assets: NOK14,422 million (EUR1917 million);
    • Total liabilities: NOK11,920 million (EUR1585 million). [more - original PR]

*Based on the average conversion rate at EUR1 = NOK7.522

Norwegian Air Shuttle: “The demand for travelling with Norwegian and advance bookings have been satisfactory entering the third quarter of 2013. Norwegian will continue to take advantage of its increasing competitive power realized through continuous cost efficiency, and from introducing larger aircraft (14 new 737-800Ws will be delivered in 2013) with a lower operating cost. Going forward, the Company expects continued competitive pressure in the European market place.” Source: Company statement, 11-Jul-2013.