(Oslo/Bodø November 11 th. 2003) The Norwegian airline Widerøe has
succeeded in returning to profit with the 3rd quarter figures following
a turbulent period. Accumulated for September, the company's result was
a profit amounting to NOK 24.9 million. This is a very good news
following the negative figures for the first and second quarter of this
year and shows that the company's thorough restructuring program already
sees positive results.
The result for the third quarter alone is NOK 16.3 million. Compared
with the same quarter last year when the result was a deficit of NOK 2.4
million, it shows that Widerøe is about to gain ground again even if the
result so far this year is close to NOK 30 million less than for the
same period last year (NOK 54.7 million).
--We are of course not satisfied with the result when we view the period
so far this year. We have, however, created a basis for new growth
through an extensive restructuring program as well as cost efficiency
measures amounting to approximately NOK 200 million. We now see the
first results through the development for the third quarter, says
President and CEO Mr. Per Arne Watle.
He places emphasis on that fact that this restructuring program to a
large degree is due to the employees and the employee representatives
who quickly saw what situation the company was in and thus were willing
to contribute through considerable concessions through new collective
agreements.

--We therefore sincerely thank the company's employees today, says Mr.
Watle.
--All contenders within aviation see that the times have changed, not
only due to the downturn in economic activity, a generally lower degree
of travel through the last year as well as due to the passengers' price
tolerance, which today is considerably lower than only a few years ago,
says Mr. Watle

In total 1.25 million passengers flew with Widerøe due this year's first
nine months. This is an increase of 13 percent compared with the same
period last year. The growth in the number of passengers travelling do
not reflect a growth in passenger revenue. It is exactly on the same
level as last year, namely NOK 1.1 billion.
--The reason for this is that each passenger is paying gradually less
per kilometre. The public is no longer willing, to the same degree as
earlier, to purchase full-fare tickets. It was this trend we seriously
saw during last quarter last year and which has continued up until now.
The industry had to react. Widerøe's customers noticed this on October
26lth when we introduced a new and simpler product while we at the...