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Norse Atlantic reports weak Q2 with negative EBITDA and stock near 52-week low

Norse Atlantic recorded revenue of $132m in the second quarter and a negative EBITDA of $8m after reducing capacity on weaker routes. Load factor was 97%, average revenue per passenger rose to $447 and TRASK increased by 24% year on year, but could not offset higher costs and lower flying volumes. Non-fuel CASK rose 57%, operating cash flow was negative $29m and cash and cash equivalents amounted to $67m before repayment of a bridge loan. Norse bolstered liquidity through a rights offering and secured financing of $52m, is focusing on expanding its charter/ACMI business and is carrying out the cost-cutting programme “Project Falcon”, but does not provide a concrete earnings forecast. » Altro su de.investing.com