Norwegian Air posts Q1 loss, flags fuel costs to impact recovery By Reuters

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© Reuters. FILE PHOTO: Norwegian Air Sweden Boeing 737-800 plane SE-RRJ approaches Riga International Airport in Riga, Latvia January 17, 2020. REUTERS/Ints Kalnins

OSLO (Reuters) -Norwegian Air posted a loss for the first quarter on Friday and said rising fuel costs will partly offset the positive effects of increased bookings for the summer season.

The carrier said it is now ramping up its operations as countries across Europe gradually ease COVID-19 restrictions.

“The increase in bookings ahead of the summer season is significant,” Chief Executive Officer Geir Karlsen said in a statement.

Pent-up demand for travel has also resulted in a higher willingness to pay for tickets, the company said, while cautioning the cost of flying an aircraft was rising.

“The increase in fuel prices is expected to partly offset the company’s positive recovery,” Norwegian said.

The budget carrier booked a net loss of 1 billion Norwegian crowns ($101.82 million) for the January-March period, which was hit by lockdowns related to the Omicron variant of the coronavirus.

In the same quarter of 2021 the company’s loss stood at 1.2 billion crowns.

($1 = 9.8212 Norwegian crowns)

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