Icelandair Group reports operating profit in 2Q and 1H2015, raises full year EBITDA guidance

Icelandair Group revenue down 1% - financial highlights:

• Three months ended 30-Jun-2015:
• • Operating revenue: USD294.2 million, -1.2% year-on-year;
  • Operating costs: 265.8 million, -2.3%;
  • • Labour: USD71.4 million, -7.8%;
    • Fuel: USD67.1 million, -10.1%;
  • Operating profit: USD28.4 million, +9.8%;
  • Net profit: USD22.4 million, -0.1%;
  • Passenger numbers:
  • • International: 819,400, +17%;
    • Regional and Greenland: 74,900, +2%;
  • Load factor:
  • • International: 81.8%, +1.8 ppt;
    • Regional and Greenland: 71.8%, +2.2 ppts;
• Six months ended 30-Jun-2015:
• • Operating revenue: USD480.3 million, -1.8%;
  • Operating costs: USD471.2 million, -4.6%;
  • • Labour: USD110.7 million, -9.7%;
    • Fuel: USD128.4 million, -7.1%;
  • Operating profit: USD9.1 million, compared to a loss of USD4.8 million in p-c-p;
  • Net profit: USD7.8 million, compared to a loss of USD4.3 million in p-c-p;
  • Total assets: USD1038 million;
  • Cash and cash equivalents: USD504.6 million;
  • Total liabilities: USD665.2 million. [more - original PR] [more - original PR - II]

Icelandair Group: "At the beginning of the year we issued an EBITDA-forecast projecting earnings of USD 160-165 million, and the accuracy of the forecast was confirmed with the publication of the first quarter report last April. The Company's operations have been successful in the first six months of the year, and in addition trends in external conditions have been favourable since the publishing of Q1 Financial report in April. Updated projections now assume an average EUR/USD cross rate of 1.10 instead of 1.07, which will have a positive impact on operations. Also, the booking status for the coming months in international flight operations has strengthened beyond the Company's projections which, all other things being equal, will have a positive impact on performance in the second half of the year, in particular performance in the third quarter. Taking all these factors into account, it is now assumed that the Company's EBITDA for 2015 will be in the range of USD 180-185 million," Björgólfur Jóhannsson, President and CEO. Source: Company statement, 27-Jul-2015.