Norwegian Air Shuttle ASA issues profit warning for Q2 2008

Nordic Business Report,  July 8, 2008  

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NORDIC BUSINESS REPORT-8 July 2008-Norwegian Air Shuttle ASA issues profit warning for Q2 2008(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Low-fare airline Norwegian Air Shuttle ASA (Norwegian) (OSE: NAS) reported on Tuesday (8 July) that it carried 673,195 passengers in June 2008, an increase of 17% from June 2007.

Total passenger traffic (RPK) increased by 28% and total capacity (ASK) by 32%.

The cabin factor was 79%, down 3% as compared to the same period last year.

The company estimates a yield around NOK0.70 for June 2008.

Norwegian also issued guidance on its second quarter earnings estimate in order to communicate the strong momentum entering the summer season. Fuel surcharge and other price increases and cost cutting initiatives are on their way to offset the increased cost of fuel, the company said.

For the second quarter of 2008 the Group expects total revenues of NOK1,540m to NOK1,560m and operating loss (EBITDA) of NOK40-45m.

Norwegian Air Shuttle ASA is a low-fare airline registered on the Oslo Stock Exchange. It employs some 620 people and operates a total of 82 routes, 10 domestic and 72 international, with a fleet of 20 Boeing 737-300 aircraft.

One British pound (GBP) is worth approximately 10.08 Norwegian kroner (NOK).

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