Norwegian Hurtigruten reports another huge loss for the third quarter. The cruise company, of which hotel magnate Petter Stordalen is one of the major owners, has made a total loss of 1.9 billion kronor during the first three quarters of this year.

Travel companies have been big losers in the pandemic and recovery will take time. On Thursday evening, Hurtigruten, known for its scenic cruises along the Norwegian coast, presented its third-quarter report showing a net loss of 63.6 million euros for the period, equivalent to approximately 647 million kronor, up from 43.7 million euros in the corresponding quarter of 2020.

In total, the company has a net loss of EUR 190.9 million, or SEK 1.9 billion, for the first three quarters of this year. The full-year loss during the corona year 2020 was minus SEK 1.6 billion.

A loss in the latest quarter was expected after the company issued a profit warning earlier in November.

Turnover amounted to EUR 61.6 million during the quarter, which was slightly higher than the EUR 58.8 million the company had in the corresponding period last year.

At the same time, the company is noticing a recovery, with booking levels for 2022 on November 8 being 15 percent higher than at the same time in 2019, that is, before the pandemic, reports the Norwegian business website E24. Hurtigruten expects to have 13 of a total of 15 ships in operation by the end of the year.

Hotel billionaire Petter Stordalen is one of the largest owners of Hurtigruten through the company Silk Topco, which is part of Strawberry Equities. The largest owner of Hurtigruten is TDR Capital.

Source: di.se