Norwegian Air posts Q1 loss, flags fuel costs to impact recovery

div classBodysc17zpet90 cdBBJodivpOSLO Reuters Norwegian Air posted a loss for the first quarter on Friday and said rising fuel costs will partly offset the positive effects of increased bookings for the summer season.p

pThe carrier said it is now ramping up its operations as countries across Europe gradually ease COVID19 restrictions.pdivdivdiv classBodysc17zpet90 cdBBJodiv

p“The increase in bookings ahead of the summer season is significant,” Chief Executive Officer Geir Karlsen said in a statement.p

pPentup demand for travel has also resulted in a higher willingness to pay for tickets, the company said, while cautioning the cost of flying an aircraft was rising.p

p“The increase in fuel prices is expected to partly offset the companys positive recovery,” Norwegian said.p

pThe budget carrier booked a net loss of 1 billion Norwegian crowns 101.82 million for the JanuaryMarch period, which was hit by lockdowns related to the Omicron variant of the coronavirus.p

pIn the same quarter of 2021 the companys loss stood at 1.2 billion crowns.p

p1 9.8212 Norwegian crownsp

p Reporting by Terje Solsvik Editing by Christopher Cushing and Sherry JacobPhillipsp

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