Icelandair downgrades income expectations

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By TESTCustomwebLP TESTCustomwebLP June 24, 2014 16:41

Icelandair downgrades income expectations

Icelandair has reduced its EBITDA forecast from $140-$145 million to $138-$143 million for the year, following May’s industrial action by flight crew.

The revised forecast assumes an average €/$ cross rate of 1.35, and an average fuel price of $1,000 per ton for the remainder of 2014. The direct effect of the strike action is estimated to be $3.5 million.

The strike resulted in the cancellation of 26 flights.

Icelandair stated: “Although this is not the case now, the company believes that it is necessary, under the circumstances, to publish an updated EBITDA forecast now that the results for May are ready. The updated forecast takes revised operational assumptions into account and the current booking status.”

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By TESTCustomwebLP TESTCustomwebLP June 24, 2014 16:41
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