Accounts show that Scandinavian group’s Irish arm sold €1.4 billion
Norwegian Air Shuttle’s Irish subsidiary lost more than €200 million on the sale of European flights last year, the latest figures show.
The Scandinavian group’s Irish arm, Norwegian Air International, recently began flying from Ireland the north eastern US.
Accounts just filed for the Dublin-based company show that it lost €205 million in 2016, almost four times the €60 million shortfall recorded in 2015.
Revenues more than doubled to €1.52 billion from €720 million as the group continued to expand its operations.
The figures cover Norwegian’s flights within Europe last year and do not include the services launched from this country in July.
Revenues from those flights, from Belfast, Cork, Dublin and Shannon, will feature in this year’s accounts, which will be published in 2018.
According to the 2017 accounts, the sale of flights accounted for €1.43 billion of total revenue.
It earned a further €90 million leasing craft to other Norwegian Air Shuttle companies.
Costs also more than doubled, hitting €1.67 billion last year from €741 million in 2015.
Aircraft, fuel and airport charges accounted for more than €1.2 billion of the total bill.
The company’s net assets increased to €701 million on December 31st 2016 from €389 million 12 months earlier.