COPENHAGEN, Denmark (AP) — Low-cost carrier Norwegian Air Shuttle has lowered its profit outlook again after British Airways' parent company IAG last week ruled out a bid for the loss-making budget airline.

Norwegian's CEO Bjoern Kjos says the airline "has been through a period with significant growth" that left the Norway-based airline with hefty losses and high debts.

Kjos said in a statement Tuesday that the company needed more capital and was selling shares worth 3 billion kroner ($350 million).

According to preliminary 2018 figures, Norwegian Air is expected to report next month revenues of approximately 40.3 billion kroner ($4.7 billion) and an operating loss of approximately 3.8 billion ($ 446 million) kroner.

Shares dropped some 25 percent in early trading in Oslo on Tuesday but later recovered to trade down 9 percent.