Norse increases revenue despite 32 per cent fewer passengers

In July, the company’s TRASK, revenue per available seat kilometre, rose by 27 per cent to 7.1 US cents - the highest level to date. The load factor meanwhile reached 98.5 per cent, compared with 94 per cent in the same month last year.

Despite the strong key figures, the number of passengers carried fell by 32 per cent to 139,172. Its own scheduled operations comprised 248 flights, compared with 604 in July last year, while the number of ACMI and charter flights increased sharply to 247 from 54.

According to chief executive Eivind Roald, the development was driven by strong demand for direct transatlantic routes, together with the special flights operated in connection with the football World Cup in the United States. During the summer, Norse flew, among others, English and Norwegian supporters between London and Oslo respectively and the United States.

At the same time, the company continues to hold back capacity in its own scheduled operations to offset persistently high fuel costs. Total capacity was 31 per cent lower than in July last year.

Over the past year, Norse has gradually shifted its business towards a more flexible model, in which aircraft are used either in its own scheduled operations or leased to other airlines and tour operators through ACMI and charter agreements, depending on where profitability is greatest.