HELSINKI (Reuters) -Budget airline Norwegian Air cut its operating profit outlook for 2024 on Monday, citing a negative impact from the weakening of the Norwegian crown currency against the dollar.
The airline now expects its full-year operating profit to be around 1.85 billion Norwegian Crowns ($161.04 million), compared to its previous outlook from October of between 2.1 billion and 2.4 billion.
Shares fell around 7% in early trade on Oslo’s stock exchange.
“The deterioration is predominately the result of balance sheet adjustments relating the weakening of the NOK against the USD during the fourth quarter,” it said in a statement.
Norwegian Air will publish its full-year earnings on Feb. 13.
($1 = 11.4877 Norwegian crowns)
(Reporting by Essi Lehto, editing by Stine Jacobsen and Louise Rasmussen)
