Business Highlights Q1 2007
•Total Revenue ISK 11,9 billion - an increase of 24% from Q1 2006
•Performance according to expectations
•EBITDA for Q1 negative by ISK 81 million
•Net loss ISK 1,2 billion
•Total assets ISK 76 billion at end of Q1
•EBIT is negative by ISK 833 million - an improvement of 26% from Q1 2006
•A letter of intent on the acquistion of the Czech airline Travel Service
•Vast aircraft trade activities
•Equity ratio 32%
•Net operating cash ISK 686 million
Jón Karl Ólafsson comments:
“The results for the first quarter are in accordance with our plans, which
estimate good profits for the year 2007, and outscoring our 2006 results.
There are great seasonal fluctuations in our operations, which usually returns
negative results for Q1. We are growing fast this year and the first half of
the year will be characterized by large investments in the growth of the
Icelandair route network and charter activities. Among other things we
forecasted the introduction cost of aircraft and crew training in Q1.
Operations are in accordance with plan, but we are experiencing negative
exchange rate effects in the quarter as well as positive effects due to sales
profit in aircraft trading.”
