Icelandair Group profits increase in 2Q2012

Icelandair Group revenue up 15% - financial highlights:

• Three months ended 30-Jun-2012:
  • Operating revenue: USD234.4 million, +15% year-on-year;
  • Operating costs: USD205.6 million, +9.9%;
    • Fuel: USD58.7 million, +21%;
    • Labour: USD52.8 million, +5%;
  • EBIT: USD14.5 million, +184%;
  • Net profit: USD14.3 million, +333%;
  • Passenger numbers:
    • Regional and Greenland: 91,900, +3%;
    • International: 548,000, +18%;
  • Load factor:
    • Regional and Greenland: 70%, +1.9 ppt;
    • International: 82.2%, +2.7 ppts;
• Six months ended 30-Jun-2012:
  • Operating revenue: USD392.1 million, +17%;
  • Operating costs: USD366.3 million, +14.7%;
    • Fuel: USD96.8 million, +26%;
    • Labour: USD95.9 million, +8%;
  • EBIT (loss): (USD2.2 million), compared to a loss of USD6.6 million in p-c-p;
  • Net profit: USD1.1 million, compared to a loss of USD5.8 million in p-c-p;
  • Passenger numbers:
    • Regional and Greenland: 172,400, +4%;
    • International: 852,900, +18%;
  • Load factor:
    • Regional and Greenland: 70.3%, +1.8 ppt;
    • International: 79.7%, +3.4 ppts;
  • Total assets: USD821.7 million, +13% when compared to period ended 31-Dec-2011;
  • Cash and cash equivalents: USD172.1 million, +117% when compared to period ended 31-Dec-2011;
  • Total liabilities: USD568.0 million, +22% when compared to period ended 31-Dec-2011. [more - original PR]

Icelandair Group: "The booking status for international flights is strong for the second half of the year and in line with our plans for continued growth. Owing to the great demand, the Company's flight schedule has been considerably enlarged in the fourth quarter from the original plans at the beginning of the year. The outlook in freight carriage has been improving. Our plans also assume a strong tourist market to Iceland in the second half of the year, with positive implications on the tourist industry." Source: Company statement, 10-Aug-2012.