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Norse Atlantic faces financial struggles despite increased passenger numbers

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Norse Atlantic faces financial struggles despite increased passenger numbers
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Norse Atlantic Airways faced significant financial challenges during the third quarter of 2024, a period typically favorable for airlines. The company reported a net loss of $6.3 million, a stark contrast to the $1.6 million profit achieved in the same quarter of 2023. Despite operating at peak summer capacity, Norse Atlantic's performance was hindered by increased expenses and reduced unit revenue.

The airline operated with 12 aircraft for scheduled flights while subleasing three to other carriers. Although total revenue improved by 8.3% to $222 million, expenses rose by more than double that rate, increasing by 19.3%. Passenger fares and ancillary revenues accounted for 93.3% of total income, with additional earnings from aircraft crew maintenance and insurance (ACMI) services rising significantly from $282,000 in Q3 2023 to $2.8 million.

However, ACMI revenues remained a small fraction of overall income at just 1.3%. Norse Atlantic has confirmed a wet lease agreement involving six aircraft—40% of its fleet—with an undisclosed carrier as part of its strategy to enhance off-peak season revenue.

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While the cost per seat kilometer decreased due to extended operations and longer stage lengths, reaching 5.08 US cents—a reduction of 6.6% year-over-year—the revenue per seat kilometer fell even further by 7.5%, dropping to 4.92 US cents when considering only passenger-related income.

Passenger numbers increased significantly; Norse transported 514,913 passengers during this period—an increase of over 80,000 compared to Q3 2023—and saw its seat load factor rise from 83% to 86%. However, these gains were driven largely by lower fares which dropped from $349 to $322 excluding ancillaries or from $438 to $406 including them.

Despite these challenges and financial losses during what should be a profitable season for airlines, Norse Atlantic remains focused on strategic reorientation efforts aimed at improving future performance.

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