Norwegian Air Shuttle reports third consecutive quarterly loss in 2Q2014

Norwegian Air Shuttle revenue up 26% - financial highlights:

• Three months ended 30-Jun-2014:
• • Total operating revenue: NOK5043 million (EUR609.1 million), +25.7% year-on-year;
  • • Ancillary passenger revenue: NOK687.1 million (EUR83.0 million), +59.8%;
  • Total operating costs: NOK4481 million (EUR541.2 million), +42.9%;
  • • Fuel: NOK1639 million (EUR197.9 million), +41.7%;
    • Labour: NOK771.2 million (EUR93.1 million), +22.9%;
  • Operating profit (loss): (NOK85.1 million) (EUR10.3 million), compared to a profit of NOK446.1 million (EUR53.9 million) in p-c-p;
  • Net profit (loss): NOK128.3 million (EUR15.5 million), -34.8%;
  • Yield: NOK0.44 (EUR 5.3 cents), -17.0%;
  • Unit revenue: NOK0.35 (EUR 4.2 cents), -14.6%;
  • Unit costs: NOK0.41 (EUR 5.0 cents), -2.4%;
  • Unit cost excl fuel: NOK0.28 (EUR 3.4 cents), -3.4%;
• Six months ended 30-Jun-2014:
• • Total operating revenue: NOK2600 million (EUR1039 million), +24.3%;
  • Total operating costs: NOK8254 million (EUR996.9 million), +47.4%;
  • • Fuel: NOK2916 million (EUR352.2 million), +44.6%;
    • Labour: NOK1531 million (EUR184.9 million), +22.4%;
  • Operating profit (loss): (NOK860.5 million) (EUR103.9 million), compared to a profit of NOK515.3 million (EUR62.2 million) in p-c-p;
  • Net profit (loss): (NOK465.2 million) (EUR56.2 million), compared to a profit of NOK79.6 million (EUR9.6 million) in p-c-p;
  • Yield: NOK0.42 (EUR 5.1 cents), -19.2%;
  • Unit revenue: NOK0.33 (EUR 4.0 cents), -17.5%;
  • Unit costs: NOK0.43 (EUR 5.2 cents), -2.3%;
  • Unit cost excl fuel: NOOK0.3 (EUR 3.6 cents), -3.2%;
  • Total assets: NOK18,924 million (EUR2286 million);
  • Cash and cash equivalents: NOK2339 million (EUR282.5 million);
  • Total liabilities: NOK16,625 million (EUR2008 million). [more - original PR]

Norwegian Air Shuttle: "The demand for travelling with Norwegian and advance bookings have been satisfactory entering the third quarter of 2014. Assuming a fuel price of USD 950 per ton and USD/NOK 6.00 for the year 2014 (excluding hedged volumes) and with the currently planned route portfolio, the Company is targeting a unit cost (CASK) in the area of NOK 0,40 - 0.41 for 2014." Source: Company statement, 17-Jul-2014.