Icelandair Q2 Results, highest profit since 2016
Icelandair reveals revenue of USD 13.7 million in Q2 – Highest since 2016.
- EBIT of USD 20.9 million, up by USD 19.6 million year-on-year.
- EBIT ratio 5%, enhancing by 4.7 proportion factors between years.
Revenue of USD 13.7 million in comparison with USD 3.8 million in Q2 final 12 months.
- File working earnings of USD 414.2 million, rising by 26% year-on-year
- File Q2 unit income (RASK) of 8.6 US cents, rising by 8% year-on-year
- Leasing income up 41% year-on-year leading to sturdy protability.
- Capability elevated by 17% year-on-year within the passenger community 2 million passengers carried; 19% greater than in Q2 final 12 months.
- Load issue of 83.6%, particularly sturdy demand on North American routes Sturdy working money ow leading to highest ever liquidity place of USD 521.2 million.
- Ahead bookings for the following six months sturdy and above final 12 months.
Bogi Nils Bogason, President & CEO mentioned: “Due to the excellent work of our staff, we’re proud to ship the strongest ends in the second quarter since 2016. Attaining a prot of USD 13.7 million was pushed by file passenger income, traditionally excessive load issue, and improved yields in all our markets. Decrease gas prices because of the efciency of the Boeing 737 MAX plane and decrease gas costs additionally contributed positively to the outcomes. As well as, our leasing enterprise continued to carry out very nicely and ship sturdy protability.
Delays in upkeep tasks and implementation of plane led to plane scarcity which we addressed by leasing further plane in June to make sure the reliability of our formidable ight schedule. This led to one-off prices that negatively impacted the Q2 outcomes. Our cargo operation remained difficult, however we rmly imagine that we are going to flip it round inside the subsequent few months with our sturdy deal with restoring protability. Bearing this in thoughts, the Q2 outcomes reveal a robust underlying nancial efficiency and provides us nice condence for the long run.
All in all, the rst six months of the 12 months have been eventful as we’ve ready for our largest ight schedule but relating to the variety of locations and frequency of ights. We launched ve new locations, applied six new plane, carried 1.8 million passengers and recruited and skilled virtually 1,200 staff.
The prospects for the second half of the 12 months stay favorable with continued sturdy bookings, significantly from North America. Demand for ights to and from Iceland has been sturdy over the previous months. Capability by Keavik airport has additionally elevated sharply to twenty% above pre-Covid ranges this summer season and much more into subsequent winter. This growth is anticipated to affect yields and income progress in some markets within the second half of the 12 months. Nonetheless, we’re nicely outfitted to adapt to market situations at any given time with our priceless infrastructure, very sturdy liquidity, and glorious staff of staff. Our EBIT margin forecast for the total 12 months stays unchanged within the 4-6% vary and we subsequently count on to ship internet prot for the total 12 months of 2023.”