Our friends at Norwegian delivered their 1st half financial results for 2020 on Friday. Highlights:
- Passenger numbers down 99% year-over-year for the second quarter.
- Losses, losses, losses (like other airlines)
- Cash burn, cash burn, cash burn (like other airlines)
- Still with an enormous accounts receivable which is largely credit card holdbacks (much of which will likely be refunded)
- The airline will have a Nordic focus going forward, but still wants to "prove" the low cost long haul model by focusing on routes that were profitable pre-COVID-19 as country openings permit these routes
- Not enough cash to get through the winter. The airline needs an additional cash infusion to survive. Never heard that before.
Watch the investor presentation from a link on the Investor Relations webpage: https://www.norwegian.com/uk/about/company/investor-relations/
Yahoo News' Headline: Norwegian Air Seeks More Funds as Insolvency Threat Looms
One Mile at a Time's take: https://onemileatatime.com/norwegian-air-run-out-of-money/