Norwegian Air Shuttle reports sharp rise in EBIT in 3Q2011

Norwegian Air Shuttle revenue up 19% - financial highlights for the three months ended 30-Sep-2011:

• Operating revenue: EUR436.7 million, +19.4% year-on-year;
• Operating costs: EUR280.7 million, +9.2%;
  • Fuel: EUR115.4 million, +47.0%;
  • Labour: EUR59.9 million, +22.8%;
• EBIT: EUR119.4 million, +61.1%;
• Net profit: EUR64.0 million, -6.2%;
• Passenger numbers: 4.6 million, +21%;
• Load factor: 84%, +4 ppts;
• Yield: EUR 6.98 cents, +1%;
• Revenue per ASK: EUR 5.82 cents, +6%;
• Costs per ASK: EUR 4.79 cents, -11%;
• Cost per ASK excl fuel: EUR 2.97 cents, -24%;
• Ancillary revenue per passenger: EUR10.29, -5%;
• Total assets: EUR1169 million, +36.6% when compared to period ended 31-Dec-2010;
• Cash and cash equivalents: EUR184.9 million, +21.3% when compared to period ended 31-Dec-2010;
• Total liabilities: EUR903.1 million, +44.7%. [more - original PR]

*Based on the conversion rate at EUR1 = NOK7.73138

Norwegian Air Shuttle: "The demand for travelling with Norwegian and advance bookings has been satisfactory entering the fourth quarter of 2011. Going forward, the company expects continued competitive pressure as competitors are announcing capacity increases and lowering fares in parts of the Scandinavian market. For 2011 Norwegian guides for a production growth (ASK) of 24% mainly from increasing the fleet by adding 737-800s. Norwegian guides for a production growth (ASK) of 15% in 2012," Bjørn Kjos, CEO. Source: Norwegian Air Shuttle, 20-Oct-2011.