The airline has shaken up the long-haul market with cut-price transatlantic fares, but its rapid expansion has left it with hefty losses and high debts. A Boeing 737 passenger aircraft, operated by Norwegian Air Shuttle ASA, takes off at London Gatwick Airport in Crawley, U.K. Simon Dawson | Bloomberg | Getty Images Norwegian Air ‘s Bjoern Kjos stepped down on Thursday as chief executive of the budget airline he co-founded. Kjos, a former fighter pilot, helped to build a tiny Norwegian airline housed in pre-fabricated barracks on the edge of Oslo airport into Europe’s third-biggest budget carrier by passenger numbers. The airline has shaken up the long-haul market with cut-price transatlantic fares, but its rapid expansion has left it with hefty losses and high debts and it had to raise 3 billion crowns from shareholders earlier this year.
Its net profit came in at 82.8 million crowns, down from 300.3 million in the same period last year, but ahead of the average forecast of 76.2 million from five analysts compiled by Refinitiv. The company cut its target for passenger carrying capacity to 0-5%, compared with the previous guidance for 5-10%.
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