Norse Atlantic Airways releases H1 2022 results: net loss of USD 51.3 million

Norse Atlantic Airways today reported its H1 results. The first half of 2022 marked a milestone in Norse Atlantic’s history as it flew its first commercial flight, just over a year after the Company was formed.

Norse Atlantic Airways reports 1H 2022 net loss of US$51.3 million, operating revenues of $3.0 million and total liquidity of $105.6 million at period end.

Norse launched its ticket sales on 29 April 2022 and the first flight took off on 14 June 2022 from Oslo to New York, followed by flights to Fort Lauderdale and, post-quarter end, to London, Orlando, Los Angeles and Berlin.

“Our inaugural flight from Oslo to New York marked a milestone for Norse Atlantic Airways. The company achieved a load factor of 82 per cent for June which clearly reflects that the desire for affordable long-haul travel combined with pent-up demand was strong during our start-up phase.

The winter season is historically more challenging for the industry and this year faces the additional burden of high fuel prices, increasing inflation in the markets that we operate and uncertainty in overall demand. Norse Atlantic will continue to evaluate Winter 2022 routes in line with demand and profitability,” said Bjorn Tore Larsen, CEO Norse Atlantic Airways.

H1 highlights:

• Start of commercial flights, with inaugural flight on 14 June 2022 from Oslo to New York
• Load factor of 82% achieved and 100% of scheduled flights flown
• Operating revenues of USD 3.0 million recognised in June 2022
• 11 of 15 aircraft delivered to Norse as of 30 June 2022; 2 more delivered post-period end
• All aircraft currently on power by the hour flexible lease terms
• Agreed terms to sublease out four Dreamliners; two delivered in H1 2022 and two subsequently
• Total liquidity at period end USD 105.6 million

Thu, Sep 22, 2022 08:00 CET