Icelandair revises down 2014 EBITDA forecast

Icelandair revised (23-Jun-2014) its 2014 EBITDA forecast to USD138-USD143 million, from USD140-145 million, as a result of recent industrial action. Icelandair stated: "The forecast assumes an average EUR/USD cross rate of 1.35 and an average fuel price of USD1000/ton for the remainder of the year. The direct effect of the industrial actions is estimated at USD 3.5 million. The updated forecast also takes into account higher salary cost and lower revenue than was anticipated for the remainder of the year. The revenue forecast decreased from last month which is related to the disputes. The forecast does not anticipate that the Company will have to bare any more cost due to industrial actions this year." [more - original PR]