Icelandair Group hf.
Financial Statement Release
Good third quarter results
Profit after taxes amounted to USD 103.1 million, up by USD 17.3 million from the preceding year
EBITDA amounted to USD 150.9 million, as compared to USD 123.9 million in the third quarter of 2014
The EBITDA ratio was 35.1%, as compared to 29.6% in the corresponding period of last year
Total revenue increased by 3%, the increase at a fixed exchange rate is 13%
The equity ratio was 46% at the end of September
The EBITDA guidance for 2015 increased to USD 210-215 million
BJÖRGÓLFUR JÓHANNSSON, PRESIDENT AND CEO:
“Our performance in the third quarter was good and our business operations were successful. We updated our EBITDA guidance earlier this week, and now we project it in the range of USD 210-215 million. The increase is a result of the Company’s good performance in the third quarter, largely stemming from increased passenger revenues and lower fuel costs, but in addition maintenance expenses were lower than anticipated. Also, the performance outlook for the fourth quarter has improved, mostly as a result of a stronger booking situation in our international flights; in addition, the trends in external factors have favoured the Company since our last quarterly report.”
The outlook for Icelandair Group is favourable. The international flight schedule for 2016 was presented in early September, with the capacity up by 18% from 2015. The number of passengers transported is projected at 3.5 million, compared to 3.0 million passengers in the current year. Competition in the market has never been more fierce and it is likely to intensify in the near future, both to and from Iceland and across the Atlantic. The tourist industry is developing, with the tourist season becoming longer, which means less seasonal fluctuations and greater opportunities for development around the country.
The Icelandic tourist industry is going through a period of rapid growth and conditions last summer were very challenging, particularly at Keflavik International Airport. Our staff did an excellent job over the peak season.”
For further information, please contact:
Björgólfur Jóhannsson, President and CEO of Icelandair Group
Bogi Nils Bogason, Chief Financial Officer of Icelandair Group