7-May-2012 1:55 PM

Icelandair Group remains in the red in 1Q2012. Results exceed expectations

Icelandair Group revenue up 21% – financial highlights for three months ended 31-Mar-2012:

  • Total revenue: USD157.7 million, +20.7% year-on-year;
  • Costs: USD160.7 million, ++21.5%;
    • Labour: USD43.1 million, +12.1%;
    • Fuel: USD38.1 million, +33.2%;
  • EBITDA (loss): (USD3.0 million), compared to a loss of USD1.6 million in p-c-p;
  • EBIT (loss): (USD16.7 million), compared to a loss of USD11.7 million in p-c-p;
  • Net profit (loss): (USD13.2 million), compared to a loss of USD9.1 million in p-c-p;
  • Passenger numbers:
    • Regional and Greenland: 80,500, +5%;
    • International: 305,000, +18%;
  • Load factor:
    • Regional and Greenland: 70.7%, +1.6 ppt;
    • International: 75.4%, +4.3 ppts;
  • Cargo traffic (FTKs): +19%;
  • Total assets: USD780.3 million, +4.6%;
  • Total liabilities: USD538.9 million, +3.3%. [more – original PR]

Icelandair Group: “The Company’s performance in the first quarter exceeded our expectations and the quarter was characterised by continued organic growth. The increase in income amounted to 21% between years, with passenger revenues up by 31%. At the beginning of the year we issued an EBITDA forecast for 2012, where we projected EBITDA in the range of USD 90-98 million. Since then the trends in operating conditions have mostly been positive. Based on current assumptions, EBITDA for the year is now projected at USD 100-105 million,” Björgólfur Jóhannsson, president and CEO. Source: Icelandair Group, 04-May-2012.