Norwegian Air says size matters when it comes to profits

Norwegian Air Shuttle is reaching a size at which it can be profitable, its founder and CEO said Tuesday, while reiterating that he will not block a sale of the budget carrier if other shareholders want out. Both BA owner IAG and Lufthansa have been in contact with Norwegian over a possible deal. CEO Bjorn Kjos said that Norwegian was reaching the peak of its investment phase this summer and was ready to reap the benefits. “We have reached the size that we need to facilitate what we would like to do. Now it’s about refining the business going forward,” Kjos said. In March, the airline raised 1.3b crowns in a share sale to help fund expansion and cope with higher fuel costs after warning of a larger than expected Q1 loss. Kjos repeated that Norwegian had not put itself up for sale. “It’s very good airlines that are interested. We take it as a good thing, that we are doing something right,” he said. Kjos is the airline’s single biggest investor owning about a quarter of the shares. “Everything is for sale if the price is right but I will listen to the other shareholders. If they want to sell, I will not be the one that holds it back,” Kjos said. He said Norwegian was very well run as a standalone business. “But if the owners decide that we should be part of another group then I will listen to them.”<br/>