Low-cost Norwegian Air Shuttle, currently under bankruptcy protection as it battles for survival, posted a record loss in 2020 due to the pandemic and massive writedowns, the company said on Friday.
Placed under bankruptcy protection in both Ireland and Norway, the no-frills carrier posted a net loss of 23 billion kroner (€2.2 billion) last year, or 15 times the loss registered a year earlier of 1.6 billion kroner.
Like other airlines, the company has been hard hit by the dramatic drop in air travel due to the COVID-19 pandemic. But it also registered a mammoth impairment loss of 12.8 billion kroner in the fourth quarter to take into account the planned reduction of its fleet.