Norwegian records best ever Q2
Norwegian has released its second quarter financial results which record the company's most profitable second quarter ever.
Earnings before tax (EBT) in Q2 were NOK 245 million, an improvement with more than NOK 330 compared to the same period in 2008. The company carried close to 2.8 million passengers in the second quarter of 2009, up by 440 000 on last year's figure.
The turnover in Q2 was NOK 1.9 billion, an increase of 23% over the NOK 1.6 billion in Q2 of 2008. The group's load factor for the quarter was 78%, equivalent to the same period last year.
"I am very pleased with the company's performance. Despite operating in an industry facing large economic challenges, we delivered the most profitable second quarter in the company's history," commented CEO Bjørn Kjos. "Our competitive cost base enables us to be profitable across our whole route network. In August, Norwegian will also launch two new domestic routes. We are optimistic about both Molde and Haugesund.
"Despite the industry wide decline in traffic figures, both in Norway and Europe, Norwegian has experienced a significant passenger growth," added Kjos. "The fact that more passengers chose to travel with Norwegian during such times is a strong vote of confidence, and we are determined to work hard to deserve the loyalty of our customers going forward."
Norwegian also reported an increase of 64% in ancillary revenue per passenger in first half of 2009. Unit cost was NOK 0.47 in the quarter compared with NOK 0.54 in the second quarter last year. Unit cost excluding fuel was NOK 0.38 in the quarter compared to NOK 0.35 in the second quarter of 2008.