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Fuel takes bite out of Norwegian's 2010 results


A strong year of capacity and passenger growth for Norwegian Air Shuttle has been undermined by soaring fuel costs and one-off events including strikes, poor weather and airspace closures. The carrier’s outlook for 2011 is muted, with positive signs in the form of “satisfactory” early bookings sand demand offset by concerns about the price of oil. [1765 words]

Unlock the following content in this report:


  • Developing new markets
  • Increased costs neutralises revenue growth
  • Full-year results show relative strength
  • Unit revenues continue to show worrying trend
  • Demand ‘satisfactory’: CEO
  • easyJet and Ryanair move north and Norwegian moves west
  • Long-haul still the plan
  • Winding down older aircraft
  • Uncertainty the only certainty

Graphs and data:

  • Norwegian Air Shuttle revenue growth 4Q2008-4Q2010 in MNOK
  • Norwegian Air Shuttle ASKs 2009-2011
  • Norwegain EBIT development Q42007-2010
  • Norwegian Air Shuttle passenger yield trend 2009-2011.
  • Norwegian unit costs (costs per ASK) ex. fuel 2007-2010
  • Revenue per ASK
  • Unit costs: major Nordic players
  • Unit cost graph – with costs coming down as stage length increases
  • Route map
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