Norse Atlantic Airways (NORSE.OL) on Thursday reported a wider net loss in the seasonally weakest first quarter, hurt by a deeper operating loss, despite higher revenue.
On the Oslo Stock Exchange, shares of Norse Atlantic were losing 4.61 percent, changing hands at 1.8100 Norwegian Kroner.
For the first quarter, net loss widened to $24.03 million or $0.15 per share from loss of $14.90 million or $0.10 per share last year.
Operating loss deepened to $13.10 million from loss of $5.23 million in the previous year. EBITDAR dropped to $5.82 million from $15.01 million a year before.
However, quarterly revenue increased 28 percent to $160.32 million from $125.30 million in the previous year, with strong growth in both passenger revenue and ACMI & Charter revenue. Underlying revenue growth was 66 percent.
Looking ahead, Norse Atlantic Airways said it is shifting capacity from transatlantic routes to Asia and Africa and has hired J.P. Morgan to review options including a sale, merger or partnership.
The carrier, which operates 12 Boeing 787-9s on favorable leases, cited persistent aircraft supply constraints and said it will prioritize ACMI charter deals to boost returns.
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