Satisfactory operating profit for Air Greenland

The Air Greenland Group made a profit for 2013 of DKK 63.2 million before tax, and profit after tax of DKK million 41.2. The Board considers the result for the year to be satisfactory.

In 2013, there was not the expected growth in the market, which has resulted in a limited increase in revenue.

2013 was the year that Air Greenland implemented the largest IT project in the company's history, which meant changing 22 systems over to the Amadeus Altea distribution system. Customers can now purchase interconnected travel by combining tickets from Air Greenland and other international airlines.

The company has reduced unit costs, primarily by making better use of the DHC8 and with the overhaul of the company's Airbus 330.

The Group's profit is reduced by DKK 43.6 million before tax compared to 2012. In 2012, the result was positively affected by DKK 20.1 million from the profit on the disposal of fixed assets, while the result in 2013 was adversely affected by the cancellation of the purchase of two EC225 helicopters, as well as the implementation costs associated with Amadeus Altea.

"Air Greenland has performed satisfactory despite the fact that neither the passenger nor charter market is growing as expected. This is partly achieved by management and staff constantly focusing on reducing costs. A year ago, expectations were a market in growth, but this has not materialised due to the general economic recession in Greenlandic society resulting in less oil and mineral exploration," says Chairman of the Board, Jens Wittrup-Willumsen.

"This means that we must adjust our strategy and put even more effort into, among other things, developing tourism in close collaboration with the other players," adds the Chairman.