Norwegian has reported a full-year net loss of NOK 1,454 million (£131 million) for financial 2018, a figure the carrier said had been adversely affected by engine issues, fuel hedge losses and tough competition.
Costs, excluding fuel, have decreased by 12 per cent during the same period, the carrier said.
Last week Norwegian said it would seek to raise £278 million from investors in order to cover financial shortcomings.
Norwegian would also be changing its strategic focus from growth to profitability, chief executive Bjørn Kjos said.
“The key priority going forward is returning to profitability through a series of measures, including an extensive cost reduction program, an optimised route portfolio and sale of aircraft,” the airline said in a statement today.
The company was hit by what it branded as several “unforeseen” challenges during 2018.
Continued tough competition and high jet fuel prices affected results, in addition to significant costs related to Rolls Royce engine issues on its Dreamliners.
Norwegian was forced to wet lease aircraft to avoid delays and cancellations on intercontinental flights.
Norwegian has now reached an agreement with the engine manufacturer, which will have a positive effect in 2019.
The company’s total revenue was more than NOK 40 billion (£3.6 billion), an increase of 30 per cent compared to 2017.
A total of 25 brand new aircraft entered the fleet, contributing to a production growth of 37 per cent.
The load factor was 85.8 per cent and more than 37 million passengers chose to travel with Norwegian, an increase of 13 per cent compared to the previous year.