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Norwegian Air Loss Narrows In First Quarter

DOW JONES NEWSWIRES OSLO (Dow Jones): Airline Norwegian Air Shuttle ASA (NAS.OS) said Thursday its net loss narrowed in the first quarter compared with a year earlier, adding demand had been satisfactory entering the second quarter though it expects continued competitive pressure. MAIN FACTS: -The company made a net loss of NOK286 million in the first quarter, compared to a loss of NOK293.2 million a year earlier. -First quarter revenue increased 25% on the year to NOK2.36 billion. -The number of passengers in the first quarter rose 19% on the year to 3.65 million. -The airline had a load factor of 77%, an increase of three percentage points from a year earlier. -The company said demand had been "satisfactory" entering the second quarter of 2012, but it expects continued competitive pressure. -The company guides for a 2012 production growth of 15%, as measured by available seat kilometers, or ASK, due to an increase in the fleet by adding 737-800Ws. -Fuel expenses in the first quarter increased 36% from a year ago to NOK766 million. -Personnel expenses rose 13% on the year to NOK512 million in the first quarter. -Airport and air traffic control charges rose 7% to NOK353 million on the year in the first quarter. -Handling charges rose 12% to NOK242 million on the year, and maintenance costs increased 21% to NOK210 million in the first quarter. -The airline recognized a NOK201 million loss in the first quarter, compared to a loss of NOK90 million a year ago. The loss includes a change in the fair value of foreign currency contracts and losses on working capital in foreign currency. -The company ordered 222 airplanes from Boeing Co. (BA) and Airbus in the first quarter, with a list price of NOK127 billion, for delivery from 2016. -At 0739 GMT, Norwegian Air Shuttle shares traded 1.8% lower at NOK95.50. -By Kjetil Malkenes Hovland, Dow Jones Newswires: +47 902 27 908; Order free Annual Report for The Boeing Co. Visit or call +44 (0)208 391 6028

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