Icelandair Group revenue up 4%, losses narrow in 4Q2009

Icelandair Group revenue up 4% - financial highlights:

• Three months ended 31-Dec-2009:
  • Operating revenue: EUR107.0 million, +4% year-on-year;
    • Transport revenue: EUR58.0 million, +8%;
    • Aircraft and aircrew lease: EUR32.1 million, +3%;Other: EUR16.9 million, -7%;
  • Operating costs:
    • Labour: EUR28.8 million, -6%;
    • Aircraft and aircrew lease: EUR21.8 million, +45%;
    • Fuel: EUR16.6 million, -29%;
  • EBITDA (loss): (EUR1.3 million), compared with a loss of EUR5.3 million in the previous corresponding period;
  • EBIT (loss): (EUR17.3 million), compared with a loss of EUR51.0 million in the previous corresponding period;
  • Net profit (loss) from continuing operations: (EUR30.1 million), compared with loss of EUR55.3 million in the previous corresponding period;
  • Profit (loss) from discontinuing operations: (EUR26.6 million), compared with a loss of EUR6.9 million in the previous corresponding period;
• 12 months ended 31-Dec-2009:
  • Operating revenue: EUR472.3 million, +11%;
    • Transport revenue: EUR277.2 million, +13%;
    • Aircraft and aircrew lease: EUR114.2 million, +15%;
    • Other: EUR80.9 million, +3%;
  • Operating costs: EUR424.5 million, +4.4%;
    • Labour: EUR109.7 million, -8%;
    • Fuel: EUR77.9 million, -16%;
    • Aircraft and aircrew lease: EUR75.3 million, +43%;
  • EBITDA: EUR47.8 million, +116.5%;
  • EBIT: EUR8.7 million, compared with a loss of EUR43.2 million in the previous corresponding period;
  • EBIT (loss) from continuing operations: (EUR26.3 million), compared with a loss of EUR52.8 million in the previous corresponding period;
  • Net profit (loss) from continuing operations: (EUR23.4 million), compared with a loss of EUR52.4 million in the previous corresponding period;
  • Profit (loss) from discontinuing operations: (EUR39.3 million), compared with a profit of EUR8.5 million in the previous corresponding period. [more]

*Based on the conversion rate at EUR1 = ISK170.052

The Group is scheduled to hold its Annual General Meeting on 21-May-2010.

Icelandair Group: "It is evident that 2009 was a challenging year in international aviation. However, the operations of Icelandair and Air Iceland were profitable and both companies are reporting their best annual results in years. In addition, Lofleidir, Bluebird and Iceland Travel reported a net profit in 2009," Björgólfur Jóhannsson, CEO. Source: Icelandair, 30-Apr-2010.