Norwegian Air tries to raise cash after warning on profits
Norwegian Air Shuttle Tuesday became the latest budget carrier to cut its earnings outlook amid tough competition and after IAG ruled out a bid for the loss-making company. Norwegian's CE, Bjoern Kjos, said the airline "has been through a period with significant growth" that left it with hefty losses and high debts. He said that the company needed more capital and was selling shares worth US$350m. The airline's problems echo those of rivals, with Ryanair issuing recently its second profit warning in 4 months as tough competition pushed down fares over the winter. Other budget carriers, like Iceland's Wow, have needed financial rescues or takeovers. According to preliminary figures, Norwegian Air is expected to report next month that its revenues last year were $4.7b, leading to an operating loss of approximately $446m. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-01-30/unaligned/norwegian-air-tries-to-raise-cash-after-warning-on-profits
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Norwegian Air tries to raise cash after warning on profits
Norwegian Air Shuttle Tuesday became the latest budget carrier to cut its earnings outlook amid tough competition and after IAG ruled out a bid for the loss-making company. Norwegian's CE, Bjoern Kjos, said the airline "has been through a period with significant growth" that left it with hefty losses and high debts. He said that the company needed more capital and was selling shares worth US$350m. The airline's problems echo those of rivals, with Ryanair issuing recently its second profit warning in 4 months as tough competition pushed down fares over the winter. Other budget carriers, like Iceland's Wow, have needed financial rescues or takeovers. According to preliminary figures, Norwegian Air is expected to report next month that its revenues last year were $4.7b, leading to an operating loss of approximately $446m. <br/>
