Norwegian, the Norwegian airline that is in the midst of a rescue plan, releases figures for the first quarter. The company continues to be heavily affected by corona restrictions and flew only 210,000 passengers during the quarter compared to 5.1 million during the same period last year.
Norwegian's operating income decreased by 96 percent to 255 million Norwegian kroner. This can be compared to the company's operating costs, which during the quarter were 1,368 million. This includes, among other things, personnel costs of 308 million, fuel costs of 64 million, airport and air traffic control fees of 115 million and repair and maintenance costs of 246 million.
Norwegian's adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and leasing costs) fell to minus 853 million from plus 82 in the previous quarter.
Despite the tough times, Norwegian's CEO Jacob Schram looks to the future with confidence as the company succeeds in the capital raising process in the restructuring plan.
”As European vaccination programs gain momentum and travel restrictions begin to ease, a new Norwegian, with a solid financial foundation, will be ready for our customers when they want to take to the skies again,” says Jacob Schram.
The company expects to be able to complete the process of raising new capital around May 26. The company aims to raise between 4.5 and 6 billion Norwegian kroner.
