Norwegian at this time reported a internet lack of NOK16.6 billion (£1.four billion) for the fourth quarter, together with impairment of NOK 12.eight billion.
The working bills earlier than leasing and depreciation had been lowered by 82 per cent in comparison with the identical quarter final yr.
In 2020, the corporate lowered internet interest-bearing debt by NOK18 billon.
Demand was severely affected by altering journey restrictions and the continued unfold of Covid-19 throughout key markets.
Out of a present fleet of 131 plane, a median of 15 had been operational throughout the fourth quarter, primarily on home routes in Norway.
Norwegian carried 574,000 clients, a lower of 92 per cent in comparison with the identical interval in 2019.
Jacob Schram, chief government of Norwegian, stated: “2020 was an exceptionally troublesome yr for the aviation trade and for Norwegian.
“Consequently, the fourth quarter outcomes are as anticipated.
“Sadly, a lot of our staff are furloughed or have misplaced their jobs, partly as a result of firm’s choice to stop long-haul operations.
“Regardless of the difficulties the pandemic has induced, there’s a nice combating spirit and engagement throughout the firm, and collectively we are going to construct new Norwegian once we exit the reconstruction processes.
“Now, we’re doing all the pieces we are able to to emerge as a extra financially safe and aggressive airline with an improved buyer providing, and as quickly as Europe begins to reopen, we shall be able to welcome extra clients on board.”
Within the fourth quarter of 2020, Norwegian entered an examinership course of in Eire and a reconstruction course of in Norway.
The aim of the processes is to scale back debt, scale back the dimensions of the fleet and make the corporate financially engaging to safe new capital.
Norwegian targets to scale back its debt considerably to round NOK20 billion and to boost NOK4-5 billion in new capital.
