Norwegian Air puts breaks on 2019 growth plans


OSLO, Feb 7 (Reuters) – Norwegian Air has cut its expected capacity growth for 2019 to just 9 percent from 15-20 percent seen previously as it seeks to preserve cash and prioritise profits over growth, it said on Thursday while reporting a fourth-quarter loss.

Europe’s third-largest budget carrier by passenger numbers, which on Wednesday postponed 16 aircraft deliveries from Boeing and Airbus, raised its capacity by 37 percent in 2018 from 2017.

Norwegian Air’s fourth-quarter result plunged to a loss of 3 billion Norwegian crowns ($351 million) from a deficit of 713 million a year ago. The company had warned of a loss on Jan. 29. ($1 = 8.5494 Norwegian crowns) (Reporting by Terje Solsvik, editing by Gwladys Fouche)



READ SOURCE

READ  Cramer's lightning round: Morgan Stanley has great opportunity

LEAVE A REPLY

Please enter your comment!
Please enter your name here