OSLO (Reuters). Norwegian Air reports a full-year loss for 2021. The turnaround was made from the losses sustained in previous years. Booking trends indicate that Europe is likely to see more busy travel, as COVID lockdown restrictions have been removed.

After a loss from 23 billion crowns in 2020, the budget carrier made a net profit of 1.88 Billion Norwegian crowns ($211.4M) last year.

Even though the Omicron virus impacted business operations in the second quarter of 2021, fourth-quarter revenues rose nearly fourfold to 2.55 Billion Crowns (from 670 Million the year prior),

Geir Karsen, chief executive of Norwegian Air said that the airline is looking forward to welcoming new customers as it enters busy seasons.

According to the earnings report, “Booking trends (NASDAQ:),” customers plan and book earlier because they anticipate that positive developments regarding COVID-19 restrictions and vaccinations will continue for the long-term.

Last year, the airline was insolvent and went into bankruptcy. In May 2012 it came out of bankruptcy with a smaller version that had no long-distance service and a reduced fleet.

This year, the company plans to increase the number of operational aircraft from 51 in 2021 to 70. Norwegian operated more than 160 airplanes at the height of its operations before the pandemic.

($1 = 8.8931 Norwegian crowns)