Atlantic Airways reports mixed profit growth in 3Q2013, expects to be profitable in FY2013

Atlantic Airways Faroe Islands revenue up 11% - financial highlights for three months ended 30-Sep-2013:

• Revenue: DKK189.2 million (EUR25.4 million), +11% year-on-year;
• EBITDA: DKK37.4 million (EUR5.0 million), +2%;
• EBT: DKK13.3 million (EUR1.8 million), -26.5%;
• Net profit: DKK10.9 million (EUR1.5 million), -26.7%;
• Scheduled passenger numbers: 78,434, +9%;
• Total assets: DKK501.8 million (EUR67.3 million);
• Cash and cash equivalents: DKK120.4 million (EUR16.1 million);
• Total liabilities: DKK248.3 million (EUR33.3 million). [more - original PR]

*Based on the average conversion rate at EUR1 = DKK7.458

Atlantic Airways: "The outlook for growth in passenger numbers on scheduled services in Q4 is moderate. The reduction in government taxes since beginning of October is supporting demand, but uncertainty regarding economical consequences of the EU boycott of export from Faroes related to herring and mackerel can lead to general consumer concern. Atlantic Airways currently estimates the full-year result in 2013 to be profitable, but lower than the full-year result in 2012. Other risk factors mentioned in the Risk management section in the 2012 annual report may similarly affect the financial performance." Source: Company statement, 01-Nov-2013.