Results are out, 1.6 Billion NOK ($191 million USD) profit. Slightly lower than analysts expected, but significantly more than your "near zero" prediction.

https://www.cnbc.com/2018/10/25/norw...s-q3-2018.html

The numbers don't make sense - the report shows a yield (.44) nearly identical to their unit cost (.43). That should have resulted in a near zero profit before one time gains/losses.

I'd have to comb over the quarterly report to find how they were able to pull a NOK 1.6B profit out of breakeven numbers.
Compare this Q's numbers to Q2's yield (.37) and unit cost (.41) which resulted in a loss of NOK 155M before one time gains.

You're forgetting ancillary revenue?

Check out the Principal repayments. Looks like they're not paying back their debt, just the interest?

Ancillary Revenue should be included in yield.

Yield for airlines is total passenger revenue/revenue passenger km + total cargo revenue/freight ton km.

Ancillary revenue should have been captured in passenger and freight revenue.

As far as the debt levels, I noticed that it looks like they're rolling maturing debt plus increasing their debt load. They went from NOK 18.2B in debt one year ago to NOK 30.1B in debt at the end of the quarter. And their cash on hand shrunk by NOK 500M.


They also mentioned doing JVs (joint venture) on the sale of their aircraft which may be the mechanism that they're using to fudge their numbers. They had to restate their numbers last year due to liberal accounting techniques.

IAG's Willie Walsh stated yesterday (October 25, 2018) that they are still interested in a takeover of Norwegian and could wait up until August 2019 to complete a deal:

https://skift.com/2018/10/26/british...ing-norwegian/

Reports in the Irish media are that it is a Chinese firm that Norwegian is in talks with to form the joint venture:

https://www.independent.ie/business/...-37459430.html