Icelandair Group hf.
Financial Statement Release
First quarter performance exceeds management expectations
First quarter loss totalled USD 13.2 million
Strong organic growth with total income 21% in excess of the first quarter of 2011
Increase in number of tourists to Iceland increased income from tourist-related services
Net cash from operations USD 86.1 million
Equity ratio was 31%
Björgólfur Jóhannsson, President and CEO
“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%. The number of passengers increased both on international flights and on regional flights. The great increase in number of tourist travelling to Iceland had a positive impact on tourism services.
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.”
For further information, please contact:
Björgólfur Jóhannsson President and CEO, Icelandair Group, tel. +354-896-1455
Bogi Nils Bogason, CFO, Icelandair Group, tel. +354-665-8801