Norwegian Air Group trimmed seasonal operating losses by more than £10 million to £55.7 million in the traditionally weaker first quarter of the year.
The period included the completion of the acquisition of regional carrier Wideroe in January, adding 49 aircraft to the 87 operated by Norwegian Air.
The company said its operating profit in the three months to March 31 had been negatively impacted by “currency revaluation effects” due to a weaker Norwegian krone, resulting in a net loss of more than £9 million.
Winter weather and storms also “significantly affected” the operating performance for both airlines.
However, overall liquidity improved over the quarter, including a cash settlement for the Wideroe acquisition.
The Easter travel week fell earlier this year, providing an extra demand boost during March.
The group carried a total of 4.8 million passengers in the quarter, four million for Norwegian Air and 800,000 for Wideroe. Capacity was down 13% from the previous quarter to match seasonally lower demand.
The Norwegian Air fleet summer capacity is forecast to grow by 12% year-on-year.
Chief executive Geir Karlsen said: “The significant improvement compared to 2023 is a clear sign that our many initiatives, both on revenues and costs, have the desired effect and move us in the right direction.
“Furthermore, we have increased our capacity for the season ahead with new routes and frequencies and are very much looking forward to welcoming a busy summer flying passengers to attractive destinations all over Europe.”
He added: “Together with the Wideroe organisation, we are exploring how the acquisition can help create a much better offering for existing and new customers.
“This includes looking for opportunities to create more seamless travel from regional Norway to international destinations.
“We will create significant synergies together, both commercially and for operational efficiency, and have already capitalised on initial opportunities.”