29 OCTOBER 2018
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In a double helping of good news, Norwegian last week announced increased earnings and profit for the third quarter of 2018, and said group subsidiary Norwegian Air Norway (NAN) had been granted authority to fly to and from the US.
The financial figures showed Norwegian increased its pre-tax earnings in the third quarter to £149m as the airline said it continued to reduce unit costs despite a 33% growth in capacity.
Net profit for the period was £121m, 18% up over 3Q 2017. Total revenue increased by 33% to £1.2bn. The net profit for the third quarter was £121m, an improvement of 18% compared to the same quarter last year.
Meanwhile, the US Department of Transportation (DOT) has granted NAN its flight authority by granting an exemption allowing the airline to operate in the country until the airline receives its foreign air carrier permit (FACP).
The airline said in its application for the exemption and FACP that Norwegian Group was implementing a corporate restructuring, in which Norwegian Air Shuttle will become a holding company with little or no operational activities.
NAN would become the group’s primary airline operating in the US, while Norwegian Air UK is expected to continue operating between the US and the UK following the restructuring.
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