Norwegian continues to battle Covid-19 fallout

Norwegian has reported a net loss of NOK5.3 billion (£450 million) for the first half of financial 2020.

With the Covid-19 pandemic taking a huge toll on the airline, passenger numbers fell 71 per cent to 5.3 million during the first six months of the year.

While the low-cost carrier has successfully converted debt, gained access to state guaranteed loans of NOK3 billion and conducted a public offering, Norwegian warned it might not be enough.

“When we entered 2020, we were expecting a positive result and the best summer ever, thanks to successful cost-saving initiatives and a more efficient operation,” said Norwegian chief executive, Jacob Schram

“Then we were hit by Covid-19 and customer demand literally stopped from one day to the next, as government-imposed travel restrictions and travel advice were introduced world-wide.

“For the past months we have been working tirelessly to make sure that we can emerge from this crisis as a stronger company, well-positioned for future competition.

“Some of these measures have been painful, but totally necessary if we are to make it through at all.

“Creditors, bondh

Source : Breakingtravelnews