Norwegian has reported its second-quarter results, continued to be impacted by COVID-19 and travel restrictions in all markets. However, following the successful completion of the reconstruction process and the subsequent NOK 6 billion equity raise, the company is now well positioned for future growth and to respond to increased customer demand.
Norwegian reported profit before tax (EBT) of NOK 1,590 million in the first half of 2021, compared with a loss of NOK 4,792 million in the same period in 2020. For the first half of 2021, production (ASK) was reduced by 94% compared to the same period last year. Total revenue in the first half of 2021 was NOK 591 million, compared with NOK 7,138 million in the same period last year, a decrease of 92%.
Unit revenue increased by 22% following a yield increase of 93% and a decreased load factor by 28.8 percentage points. Average sector length decreased by 62%t. At the end of the first half of 2021, the total fleet comprised 51 aircraft. Up to 32 aircraft were operational during the first half of 2021 due to travel restrictions and lower demand.
In the second quarter of 2021, the company successfully exited the examinership and reconstruction process which improved equity by NOK 10.7 billion. (US$1.00 = NOK8.68 at time of publication.)
