Rapidly-growing Norwegian Air, Europe’s third-largest budget carrier and a major factor in trans-Atlantic service, posted a €31 million loss for 2017, hit by fuel costs and expansion spending. The year before it posted a profit of over €117 million.
“Significant costs related to increased fuel prices, wet lease and passenger care affect the results,” Norwegian said in its announcement. It also pointed to “major investments in 2017 to prepare for future growth.” Nonetheless, Chairman Bjorn Kos says “We are not at all satisfied” with the figures.
Among the expansion plans are more planes (11 more 787s, 24 more 787-800s, and some A320neos. The last are slated for lease to Hong Kong Express. Some of the Boeings may go into its South America plans; it says it’s been licensed to fly up to 152 domestic and international routes in Argentina.
