Q1 loss for Icelandair

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By TESTCustomwebLP TESTCustomwebLP May 15, 2015 13:41

Q1 loss for Icelandair

The Icelandair Group has reported a net loss of $14.55 million for the quarter ended March 31, narrowing a $26.72 million loss recorded in the year-ago period.

Total group revenue fell 3% to $186.1 million, but transport revenue increased 6% to $128.34 million. Transport accounted for 69% of total revenue, up 5.4%. Total group expenses for the quarter fell 8% to $188.3 million.

Icelandair has stated that the improved financial performance is due to an increase in passenger numbers, a record first-quarter passenger load factor and lower fuel prices.

President and CEO Björgólfur Jóhannsson said: “Our performance in the first quarter surpassed our projections and significantly exceeded the results of the first quarter of 2014. The principal explanation lies in the substantial increase in the number of passengers on our international flight routes and efficient utilization of both the seating capacity of our aircraft and our hotel rooms; the lower fuel price also has a significant impact on the comparison between years. The capacity increase in the quarter was 12%, but at the same time the number of passengers increased by 19% and the load factor was 79.2%, a first-quarter record.”

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By TESTCustomwebLP TESTCustomwebLP May 15, 2015 13:41