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Home BUSINESSNorwegian Airlines incurs Euro 122m loss in 2014
Fri, 13 Feb, 2015 01:52:42 AM
FTimes-STT Report, Feb 13
File Photo Lehtikuva.
After seven profitable years, Norwegian Airlines on Thursday announced a negative result for 2014.
The company reported a loss of 1,050 million NOK or equivalent to approximately 122 million euros compared to a profit of 322 million NOK (approximately 37 million euros) in 2013.
In a release, the company said fuel hedging for 2015 for the amount of 459 million NOK was a considerable cost in 2014.
The airline’s revenue last year was approximately 2.26 billion euros which was an increase by a quarter compared to the previous year.
The airline carried 24 million passengers posting a 16 per cent increase from the previous year.
Norwegian Airlines CEO Bjørn Kjos said the company has to further reduce the cost level in order to remain competitive in a very challenging market.
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