Icelandair Group reports profit growth in 2Q2014

Icelandair Group revenue up 12% - financial highlights:

• Three months ended 30-Jun-2014:
• • Total revenue: USD297.8 million, +12% year-on-year;
  • Total costs: USD252.6 million, +13%;
  • • Labour: USD77.4 million, +22%;
    • Fuel: USD74.6 million, +16%;
  • EBIT: USD25.9 million, +4%;
  • Net profit: USD22.4 million, +21%;
  • Passenger numbers:
  • • Regional and Greenland: 73,500, -7%;
    • International: 703,200, +15%;
  • Load factor:
  • • Regional and Greenland: 69.6%, -0.6 ppt;
    • International: 80.0%, +0.5 ppt;
• Six months ended 30-Jun-2014:
• • Total revenue: USD489.1 million, +11%;
  • EBIT (loss): (USD4.8 million), compared to a profit of USD1.8 million in p-c-p;
  • Net profit (loss): (USD4.3 million), compared to a profit of USD201,000 in p-c-p;
  • Total assets: USD947.6 million;
  • Cash and marketable securities: USD283.3 million. [more - original PR] [more - original PR - II] [more - original PR - III]

Icelandair Group: "The Company's financial position is strong. Total assets currently amount to USD 947.6 million, and the Company's equity ratio stood at 34% at the end of the quarter. Interest-bearing debt has been decreasing in recent years and currently stands at USD 60.2 million, while cash and marketable securities amount to USD 283.3 million. The booking situation in international flight operations for the coming months has improved following the end of the wage disputes, and the Group's general business prospects are favourable. Based on current assumptions the year's EBITDA is projected in the range of USD 145-150 million dollars, exceeding the figures announced in June. The improved collecting on claims in charter operations is a significant factor in the increase," Björgólfur Jóhannsson, President and CEO. Source: Company statement, 30-Jul-2014.