Norwegian Air Shuttle yesterday presented its financial results for the fourth quarter of 2022, as well as the annual balance sheet of its operations. Over the past year, the company posted an operating profit of 138 million euros.
Between October and December, the company recorded an operating loss of 3.7 million euros. In a press release, Norwegian remarked that the result is largely explained by the lower seasonal demand characteristic of the last quarter of the year. «It demonstrates the ability to adjust capacity and conserve liquidity as we move from the busy summer season to the quieter winter period», the company stated.
It is important to note that, unlike other regions, the European airline market has a marked seasonal variation throughout the year, characterised by peaks in activity (especially during the summer season).
«Today we close the chapter on 2022, a year in which our operations have performed well, despite the major industry challenges at European airports,» said Geir Karlsen, CEO of Norwegian. He highlighted the profits made «despite record fuel prices and a very strong dollar».
According to data from Cirium, Norwegian was the most punctual airline in the Nordic countries in 2022 and one of the most punctual in Europe.
Looking ahead to 2023, Karlsen stated that «with strong brand loyalty, a solid organisation and financial situation, Norwegian is well positioned to cope with short-term fluctuations in demand and consolidate its position as one of the leading Nordic airlines».
Norwegian’s key financial and operating results for the fourth quarter 2022
- Operating loss of 3.7 million euros.
- Profit before tax amounted to less than 7.33 million euros.
- The 99.4% of scheduled services were performed, while 82.3% of flights departed on time.
- The average occupancy rate reached 81.4%. In the fourth quarter of the previous year it had been 77%.
- Norwegian carried 4.6 million passengers. In the same period of 2021 it had carried 3.1 million passengers.
See also: Norwegian carried almost 20 million passengers last year
