Norwegian Air Loss Narrows In First Quarter

Date : 04/26/2012 @ 4:26AM
Source : Dow Jones News
Stock : Boeing Company (The) (BA)
Quote : 183.22  1.51 (0.83%) @ 6:38PM

Norwegian Air Loss Narrows In First Quarter

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OSLO (Dow Jones): Airline Norwegian Air Shuttle ASA (NAS.OS) said Thursday its net loss narrowed in the first quarter compared with a year earlier, adding demand had been satisfactory entering the second quarter though it expects continued competitive pressure.

 
   MAIN FACTS: 

-The company made a net loss of NOK286 million in the first quarter, compared to a loss of NOK293.2 million a year earlier.

-First quarter revenue increased 25% on the year to NOK2.36 billion.

-The number of passengers in the first quarter rose 19% on the year to 3.65 million.

-The airline had a load factor of 77%, an increase of three percentage points from a year earlier.

-The company said demand had been "satisfactory" entering the second quarter of 2012, but it expects continued competitive pressure.

-The company guides for a 2012 production growth of 15%, as measured by available seat kilometers, or ASK, due to an increase in the fleet by adding 737-800Ws.

-Fuel expenses in the first quarter increased 36% from a year ago to NOK766 million.

-Personnel expenses rose 13% on the year to NOK512 million in the first quarter.

-Airport and air traffic control charges rose 7% to NOK353 million on the year in the first quarter.

-Handling charges rose 12% to NOK242 million on the year, and maintenance costs increased 21% to NOK210 million in the first quarter.

-The airline recognized a NOK201 million loss in the first quarter, compared to a loss of NOK90 million a year ago. The loss includes a change in the fair value of foreign currency contracts and losses on working capital in foreign currency.

-The company ordered 222 airplanes from Boeing Co. (BA) and Airbus in the first quarter, with a list price of NOK127 billion, for delivery from 2016.

-At 0739 GMT, Norwegian Air Shuttle shares traded 1.8% lower at NOK95.50.

-By Kjetil Malkenes Hovland, Dow Jones Newswires: +47 902 27 908; kjetilmalkenes.hovland@dowjones.com

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