Norwegian Air Shuttle (NWC.OL) reported a smaller first-quarter operating loss on Thursday, in line with analyst expectations, and forecast a business slowdown in 2009.
The budget airline's loss before interest and tax narrowed to 134 million Norwegian crowns ($19.92 million) in the quarter, from 207 million a year ago, just ahead of the average analysts' forecast of 142 million in a Reuters survey.
"The current macro economic outlook is uncertain. Slowdown in the business environment expected throughout 2009," Norwegian Air Shuttle said in a statement.
Norwegian, which competes with Scandinavian leader SAS, said it would monitor the traffic development and will make adjustments to the route portfolio if necessary.