DOW JONES NEWSWIRES
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.
-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; email@example.com
Order free Annual Report for The Boeing Co.
Visit http://djnweurope.ar.wilink.com/?ticker=US0970231058 or call +44 (0)208 391 6028