Icelandair reports EUR11.4 million net profit in 1Q2010

Icelandair reports (05-May-2010) the following financial highlights for the three months ended 31-Mar-2010:

• Revenue: EUR98.4 million, +16% year-on-year;
• Operating costs: EUR97.3 million, +14.9%;
  • Fuel: +35%;
• EBITDA: EUR1.1 million, +208%;
• Net profit: (EUR11.4 million), compared to a loss of EUR22 million in the corresponding period last year. [more]

Icelandair: "A notice published on 19 April 2010 revealed that restrictions on air traffic resulting from the volcanic activity in Eyjafjallajökull had a significant impact on the operation of the Group ... The long-term prospects for Icelandair Group's operations are favourable. In the opinion of the Company's management the financial restructuring of Icelandair Group will result in a significant downsizing of the company's balance sheet and contribute to a better adaptation of the repayment burden of loans to the payment capacity of the company." Company Reports. Source: Icelandair, 05-May-2010.