Higher revenues have helped Norwegian Air Shuttle ASA return to profit in the fourth quarter of 2012.

Europe's fastest growing budget airline says Friday it made a net profit of 23.6 million kroner ($4.3 million) during the period in contrast to 2011's equivalent loss of 133 million kroner.

Revenues spiked more than 22 percent to 3.1 billion kroner ($563 million) from 2.5 billion kroner.

CEO Bjoern Kjos says he is pleased with the results as the airline expanded in 2012 when it took delivery of 13 new Boeing 737-800 planes.

It plans to expand its fleet this year with 14 more. It is also buying three Boeing 787 Dreamliners as it launches long-haul flights to New York and Bangkok.

He adds that Norwegian's load factor and traffic growth remain "satisfactory."