Norwegian Air's shares fell sharply on Monday as investors worried over wea...
OSLO - Norwegian Air’s shares fell sharply on Monday as investors worried over weaker-than-expected passenger income and the potential impact of the crash of an Ethiopian Air Boeing 737 MAX 8 passenger jet the previous day.
Norwegian Air had 18 ‘MAX’ jets in its fleet of 164 aircraft at the end of 2018 and is expected to take delivery of dozens more in coming years, taking the total to more than 70 by the end of 2021, the company has said in recent announcements. The Oslo-based carrier has raised 3 billion Norwegian crowns from shareholders in recent months and said it would cut costs and curb its rapid growth to regain profitability.
Norwegian’s yield, a measure of revenue per passenger carried and kilometers flown, grew to 0.32 Norwegian crowns from 0.31 crowns a year earlier, while a Reuters poll expected a rise to 0.33 crowns.
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