Norwegian airline Norse Atlantic records billion kroner loss after launch

Robin-Ivan Capar
Robin-Ivan Capar - [email protected] • 28 Feb, 2023 Updated Tue 28 Feb 2023 10:24 CEST
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The airline focuses mainly on low-cost long-haul flights across the Atlantic, but also flies from Oslo to major European cities. Photo by Rey Joson on Unsplash

Norway's newest airline, Norse Atlantic, reported an annual loss of 1.27 billion kroner on Tuesday, with the financial results linked to the costs of establishing the airline.


The airline started offering flights last year. At the time, it said it did not expect positive financial results from the get-go.

According to the newspaper E24, Norse Atlantic’s revenues totalled 101.3 million US dollars, equivalent to 1.05 billion kroner, while the company's earnings before interest, taxes, depreciation, amortisation and restructuring or rent costs (EBITDAR) ended at a negative 42.9 million US dollars, equivalent to 444 million kroner.


The airline's profit/loss before tax amounted to a negative 123 million US dollars, an equivalent of a loss of 1.27 billion kroner.

Airlines often lose money in the winter, while profitability normally improves in the summer.

Norse Atlantic focuses mainly on low-cost long-haul flights across the Atlantic but also flies from Oslo to major European cities such as Berlin, Paris, and London.

Commenting on the figures, Norse Atlantic founder and CEO Bjørn Tore Larsen said that the company continues to work towards becoming profitable at the end of 2023, which will be its first full year in operation.

Furthermore, the company stated that start-up costs, including investments in systems, and costs related to obtaining regulatory approvals, recruitment, and initial training, all affected its bottom line.

Norse was established in 2021 to operate long-haul flights between Europe and the USA, and its first flight took to the skies in June of 2022.



Robin-Ivan Capar 2023/02/28 10:24

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