Norwegian Air shares were up about 3 percent about an hour into trading on Thursday after the company reported its third-quarter results. Demand for air travel is now increasing in all of Norwegian's markets.
”"The third quarter results clearly show that the measures we have implemented to secure the company's future have been successful in reducing the company's debt, while improving cost efficiency. We are also experiencing a positive trend in bookings for future travel. More and more passengers are choosing to book Norwegian's route network in Europe. It is a financially strengthened Norwegian that is now facing a typically demanding winter season," says Norwegian's CEO Geir Karlsen in a press release.
Earnings before tax (EBT) amounted to NOK 169 million, equivalent to just over SEK 172.5 million, compared to a loss of NOK 980 million in the same period in 2020. During the third quarter, almost 2.5 million passengers traveled with Norwegian, compared to just one million in the same period last year. Capacity increased by 130 percent and passenger traffic increased by 177 percent compared to the third quarter of 2020.
Norwegian's adjusted EBITDA came in at -305 million Norwegian kroner, which was a smaller loss than the comparable quarter last year, when the figure landed at -401 million Norwegian kroner.
Source: Nyhetsbyrån Direkt
The share initially rose by around SEK 10 but was up around 3 percent at the end of the first trading hour.
