Icelandair Group hf.
Financial Statement Release
Very good results in the most important quarter
Q3 EBITDA USD 161.8 million, as compared to USD 155.6 million in the corresponding quarter last year
19% increase in passenger numbers on international flights and good passenger load factor
Total income increased by 13%. At a fixed exchange rate the increase in revenue was 17%
Profit after taxes USD 102.8 million over the quarter, as compared to USD 103.1 million in the preceding year
Equity ratio 49% at the end of September
Björgólfur Jóhannsson, President and CEO:
“The Company's performance in the third quarter, the most important quarter, was very good. EBITDA amounted to USD 162 million and profit after taxes was USD 103 million. Our business activities showed significant growth, and in all the Company transported just short of 1.5 million passengers on domestic and international flights, a single-quarter record. The great increase in the number of tourists visiting Iceland has resulted in a growing number of foreign travellers on domestic flights, and this trend is expected to continue. The room occupancy in the Company's hotels has never been better, and cargo operations are performing well.
These results have been achieved in challenging circumstances, and various external factors in our operating environment have not been advantageous. Average fares have been decreasing in our international flight operation in line with the trends seen by other air carriers. Nevertheless, our booking situation remains strong and consistent with our forecasts.
The Company will continue to grow. Our international flight schedule for 2017 is 14% larger than the current year's schedule and our anticipation is that we will transport 4.2 million passengers over the year. A new hotel will open in central Reykjavik next year, and a second hotel a year later. Two wide-body aircraft will be added to the fleet, and the continuing increase in the number of tourists to Iceland will create numerous opportunities for our tourist-related services. Rapid growth brings challenges, and the Company's staff has done an amazing job over this busy period. There are exciting times ahead for Icelandair Group and the Company's prospects are bright.”
An open presentation for stakeholders will be held on Friday 28 October 2016 at 8:30 a.m. at the Hilton Reykjavik Nordica. The presentation meeting is NOT at its usual location at the Icelandair Hotel Natura.
For further information please contact:
Björgólfur Jóhannsson, President and Chief Executive Officer of Icelandair Group, tel: +354 896-1455.
Bogi Nils Bogason, Chief Financial Officer of Icelandair Group, tel: +354 665-8801.