Turnover for Q3 2011 was at the same level as the corresponding period during 2010. The result before tax (EBT) was 6% lower in Q3 2011 compared to Q3 2010. The main explanatory factors for the lower result can be ascribed to higher fuel costs and lower contribution from offshore activity in Faroese waters during 2011, as there was significant activity in the corresponding period during 2010.
Atlantic Airways’ EBITDA result for the third quarter of 2011 amounted to DKK 29.7 million compared to DKK 33.2 million for the same period last year, which corresponds to a decrease of 10%. The result before tax for the third quarter of 2011 was DKK 17.9 million compared to DKK 19.0 million in the same period last year, corresponding to a decrease of 6%. Revenue in the third quarter amounted to DKK 134 million, which was unchanged compared to the same period in 2010.
EBITDA for the first 3 quarters of 2011 was DKK 61.9 million compared to DKK 51.0 million for the first 3 quarters of 2010, equal to an increase of 21%. The result before tax for the first 3 quarters of 2011 amounted to DKK 27.4 million compared to DKK 10.3 million in 2010, corresponding to a result increase of 166% for the first 3 quarters period.
The result in Q3 confirms a continued stable development during the year with much improved utilization based mainly on improved sales of block hours in the ACMI and charter segment, but also due to higher load factors and passenger numbers on scheduled services and a stabilized helicopter segment.
“It is encouraging to witness the growth we have been able to achieve outside Faroe Islands in the ACMI and charter segment through improving utilization of marginal capacity. We are aiming for growth in the company’s scheduled service and helicopter operations in 2012. The new Airbus opens up for new direct routes from Faroe Islands to destinations like Spain,” says Magni Arge, CEO of Atlantic Airways.
The last quarter of the year is traditionally a weak financial quarter in the airline industry, but Atlantic Airways’ result after the first nine months of 2011 indicates a marked improvement of the full year result for 2011 compared to 2010. Nonetheless, the level of improvement can still be affected by the level of impact that external factors and adverse weather can induce.
For further information contact:
Magni Arge, CEO, tel. +298 213700, magni@atlantic.fo
Marius Davidsen, CFO, tel. +298 213703, marius@atlantic.fo
