Norwegian Air: Pre-tax losses shrank in the quarter, revenue increased

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Norwegian Air Shuttle announced that pre-tax losses shrank and revenue increased, thanks to increased passenger demand in the first quarter as coronavirus restrictions eased.

The low-cost carrier reported a loss of 1.03 billion kroner ($ 104.3 million) before taxes, up from a loss of 1.19 billion kronor a year ago.

Total revenue rose to 1.92 billion kronor from 255.3 million kroner as it carried 2.2 million passengers, up from 200,000 last year.

Passenger demand in the first half of the quarter was hit by the Omicron outbreak, although it recovered in the second half of February and throughout March.

The Russian invasion of Ukraine has also led to increased market volatility and rising oil prices, leading to rising fuel prices.

Source: Capital

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