Norwegian Air delivered an operating profit of NOK 1.5 billion ($151 million) last year despite reporting a fourth quarter loss.
The Scandinavian budget carrier said it had limited its pre-tax loss in the final three months of 2022 to NOK 80 million in a quarter “characterised by seasonally softer demand”.
Passenger carryings rose to 4.6 million from 3.1 million in the equivalent fourth quarter of 2021.
The result for the period to December demonstrated Norwegian’s ability to adjust capacity “and conserve liquidity when moving from the busy summer season and into the quieter winter trading period”.
The airline concluded the year with a fleet of 70 aircraft and a cash position of NOK 7.8 billion ($765 million) due to “continued liquidity discipline”.
The result for the full year was achieved despite record high fuel prices and a strong US dollar, according to chief executive Geir Karlsen.
“We now close a chapter on 2022, a year where our operations have performed well, in spite of sweeping industry challenges across European airports,” he said.
The carrier claimed the crown as the most punctual in the Nordic region based on calculations by aviation data firm Cirium.
Karlsen said: “Being the most punctual Nordic airline in 2022 is a true testament to the efforts of our many dedicated colleagues and an important reason for why an increasing number of customers choose to fly Norwegian, both for their leisure and corporate travels.
“Our new year’s sale campaign has exceeded all expectations with more than one million seats sold in only 14 days, a strong sign of the exciting year we have ahead of us.”
Norwegian has more than 300 routes for sale this year and plans to operate an 81-strong fleet during the summer peak after agreeing to lease in an six extra Boeing 737 Max aircraft.