Icelandair Group: Profit increased by 67% to USD111.2 million

Icelandair Group announced (08-Feb-2016) its 2015 yearly performance. Highlights include:

• Profit at USD111.2 million, up by USD44.7 million, or 67%;
• EBITDA in 2015 at USD219 million, as compared to USD154.3 million in 2014;
• Operating revenue increased by 2% between years. Calculated at a fixed exchange rate the increase in revenue was 12%;
• EBITDA in Q4 positive by USD20.1 million, as compared to a negative outcome of USD 1.5 million over the corresponding quarter of 2014;
• Equity ratio at year-end 2015 47%, as compared to 43% at year-end 2014;
• Cash and cash equivalents in excess of interest-bearing debts at year-end 2015 amounted to USD148.6 million;
• The Board of Directors proposes a dividend payment of ISK3500 million to shareholders in 2016, corresponding to ISK0.70 per share.

Icelandair Group president and CEO Bjorgolfur Joannsson stated, "The Group performed well in 2015, with results exceeding management projections from the beginning of the year and EBITDA at the upper limits of the Company's most recent earnings guidance" adding, "A number of interacting factors contributed to the strong performance, including falling fuel prices, increased demand in the North Atlantic market - which was met by increased capacity - and good results from charter and cargo operations". [more - original PR]