Norwegian Air Shuttle ASA (OSE: NAS) gave some of the gains it had made on the heels of flight stat numbers the previous week leading into the interim report once the quarterly data was released yesterday. Second quarter revenues were 16% higher than last year at 3 170 million NOK. The majority of the gains were explained by international revenue gains, with two thirds of the business now coming from abroad. Additional charges from customers and service revenues for voluntary extra services continue to provide a significant portion of sales. Profit numbers with 410 million EBITDA, 322 million EBIT and 90 million net were all major improvements but fell short of market expectations. Year-to-date the profit numbers are still in the red on big first quarter loss which was partly seasonal and also pressed by the oil price.
Some of the petrol price increase was mitigated by more efficient aircraft in use. Although below Q1 levels, year-on-year the average oil price was still far higher. Strike threats from pilots worrying about the use of foreign employment agencies and other industrial actions caused losses of 70 million. These also mitigated the passage numbers growth but it still printed a high single-digit growth to reach 4.5 million. In the wake of failures of certain airliners flying from and to Spain, Norwegian has been quickly jumping on the opening and has increased its presence in the country considerably. It will fly 350 weekly flights from and to Spain next winter, an increase of 60%.
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