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NORWEGIAN

Norwegian gives Oslo stock exchange wings

The main index for the Oslo Stock Exchange kept going up for the fourth day running, spurred on Thursday by positive results from Norwegian Airlines, as well as from Fred Olsen Energy.

Published: 11 July 2013 11:22 CEST
Norwegian gives Oslo stock exchange wings
The Oslo Stock Exchange. File photo: Kyrre Lien/Scanpix

Success-story aviators Norwegian published their quarterly result on Thursday morning, while energy firm Fred Olsen also showed happy figures in the results tables. 

By 10am, Norwegian share prices were up by 7.2 percent, while action on the stock exchange floor propelled Olsen prices up by 10.9 percent. 

The rising price of oil was cited as a contributing factor to Wednesday's increase at the Oslo Stock Exchange. The oil price rise held study into Thursday, with a barrel of North Sea oil set at $108.82.

Key European stock exchanges, including London's FTSE and Frankfurt's Dax also crept up on Thursday by 1 and 1.3 percent respectively, while the CAC in Paris increased by 1.1 percent. 

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AIRLINE

Airline Norwegian posts 15 billion kroner loss after nightmare 2020

Low cost airline Norwegian has registered a loss of 14.9 billion Norwegian kroner for 2020, a year in which the company saw a drastic reduction in passenger numbers and was on the brink of bankruptcy.

Published: 26 February 2021 13:18 CET
A file photo of a Norwegian Air Shuttle plane in Finland.
A file photo of a Norwegian Air Shuttle plane in Finland. Heikki Saukkomaa / Lehtikuva / AFP

Low cost airline Norwegian has registered a loss of 14.9 billion Norwegian kroner for 2020, a year in which the company saw a drastic reduction in passenger numbers and was on the brink of bankruptcy.

The company published its annual results on Friday, revealing the huge operating loss.

Norwegian’s 2019 result, a loss of around 1.7 billion kroner, had put the company in a difficult position even prior to the outbreak of the Covid-19 pandemic.

The coronavirus outbreak and its consequent travel restrictions reduced the company’s passenger numbers to 6.9 million in 2020. That is 29 million fewer than in 2019.

Not all of the loss is due to fewer passengers. Around half of the company’s devaluation is attributed to a depreciation of the value of its aircraft fleet, news wire Ritzau reports.

“2020 was an exceptionally demanding year for air travel and for Norwegian,” CEO Jacob Schram said in a statement on the annual results.

“In light of that, the result for the fourth quarter (of 2020) is not surprising. Unfortunately, the majority of our employees are furloughed and many have lost their jobs – in part because of the closure of long distance services,” he added.

The company was already in debt prior to the pandemic and is now under bankruptcy protection in Ireland and is undergoing similar process in Norway.

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