Labour disputes had impact on second quarter operations

New Post Public Reply Private Reply Replies (0) Message Board

News Desk 2018

Jul 30, 2014 at 11:45 AM

Profit after taxes USD 22.4 million, as compared to USD 18.5 million in the year before
EBITDA amounted to USD 45.2 million, as compared to USD 42.9 million in the preceding year
Total revenue increased by 12%
Negative impact of the labour disputes on second quarter results amounted to USD 3.5 million
Equity ratio 34% at the end of June
Net cash provided by operating activities USD 83.6 million, as compared to USD 106.4 million in the preceding year

Björgólfur Jóhannsson, President and CEO

"Wage disputes had impact on our second quarter operations. As a result of the disputes 157 flights had to be cancelled and bookings had to be altered for over 22 thousand passengers. The resulting loss of revenue and direct cost to Icelandair Group amounted to USD 3.5 million. Icelandair Group's second-quarter profit amounted to USD 22.4 million, up by USD 3.9 million between years. Although results of the international route network operations fell short of expectations as a result of disputes, other business conducted by the Group was successful. A surge in the number of tourists arriving in Iceland returned good results for our companies in tourist related business. The performance of the Company's freight operations was good and showed an increase between years. In addition, the reversal of a provision made for bad debt in the Company's charter operations had a positive impact on financial results.

The Company’s financial position is strong. Total assets currently amount to USD 947.6 million, and the Company's equity ratio stood at 34% at the end of the quarter. Interest-bearing debt has been decreasing in recent years and currently stands at USD 60.2 million, while cash and marketable securities amount to USD 283.3 million. The booking situation in international flight operations for the coming months has improved following the end of the wage disputes, and the Group's general business prospects are favourable. Based on current assumptions the year's EBITDA is projected in the range of USD 145-150 million dollars, exceeding the figures announced in June. The improved collecting on claims in charter operations is a significant factor in the increase.”

For further information please contact:

Bjorgólfur Jóhannsson, President and CEO
bubbi@icelandairgroup.is
+354 896 1455

Bogi Nils Bogason, CFO
bogi@icelandairgroup.is
+ 354 665 8801

Newer

Older

Scroll down for more posts ▼

Top 10 Most Recent News Articles

AEVEX Facing Class Action Deadline Amid Stock Turmoil

Investors are no strangers to the rough and tumble of stock markets, but things get downright messy when trust is shattered. That's the sorry saga unfolding with AEVEX, where shareholders are feeling the heat after a sharp nosedive in stock value. The clock is ticking to join the class action, and any AEVEX investor worth their salt should pay attention. Unraveling...

Hyliion Class Action Deadline Nears for Investors

Potential Shockwaves for Hyliion Investors Investors are having a showdown with Hyliion (NYSE:HYLN) these days. With the looming October 27, 2026, deadline to jump into a securities class action, it seems Hyliion's latest escapade smells worse than a fish market on a hot day. We’ve got allegations here stronger than your uncle’s morning coffee. Understanding the Legal...

LG OLED evo W6: UAE Roadshow Starts with a Bang

They've done it again, folks. LG Electronics is out there kicking up a storm with their all-new OLED evo W6 True Wireless Wallpaper TV, and they're bringing the action straight to the UAE's doorsteps. Imagine taking a stroll and stumbling upon this technological marvel at some fancy spot like The Lotus Lounge at Anantara The Palm Dubai Resort. This ain't just a TV, it's a...

Voter Events by Valley Community Healthcare Aim to Empower

Here's a game-changer for the community. Valley Community Healthcare (VCH) is stepping up, proving that healthcare doesn't just stick to check-ups and prescriptions. It's about the whole shebang—community empowerment included. This October, VCH is hosting two incredible voter events, collaborating with the Los Angeles County Registrar-Recorder's Mobile Voting Program....

Masimo's smartSET™ Revolutionizes Patient Monitoring

Breaking Ground in Patient Monitoring Let's dive into the gritty details behind Masimo's latest FDA-nod: the smartSET™ system. This gizmo ain't your ordinary pulse oximeter; it's a next-gen hand-holder for the medical world, poised to ride the AI wave straight into the clinic. They've cracked open a new way for clinicians to peek behind the curtain of patient vitals,...

Innventure Faces Major Lawsuit Over Misleading Investors

Missteps at Innventure: A Costly Lesson in Investor Trust The stock market is no stranger to drama, but Innventure's saga feels like a page ripped right out of a thriller novel. You’ve got accusations, alleged fabrications, and a swift drop in stock prices that’s left some investors shaking their heads. The company, nestled under the ticker NASDAQ:INV, finds itself...

Weifang's Cultural Resurgence: A Global Epigraphy Fest

A Historical Meltdown into Global Recognition Welcome to the ride where ancient stones talk and cultural borders vanish. We're diving into the beating heart of Weifang, a place you're probably hearing about now because the town's hosting a packed international media tour. And, for a change, this isn't just another tourist trap; it's a cultural adrenaline shot to the arm,...

Top 5 Most Recently Viewed Articles

Argentina's Trade Surplus Reaches New Heights Under Milei's Leadership

Argentina Celebrates Record Trade Surplus Argentina is witnessing a remarkable shift in its economic landscape, as the nation recorded an impressive $18.9 billion trade surplus for the year 2024. This announcement, made public recently, highlights a significant achievement that coincides with President Javier Milei's first full year in office, bringing renewed hope and...

Exciting Innovations in Chess: Introducing Spy Chess Game

Introducing Spy Chess: A New Spin on a Classic Game The world of chess is evolving, and the introduction of a new variant called Spy Chess is paving the way for an exciting new chapter. Designed by an inventive mind with a passion for enhancing traditional games, Spy Chess promises an unpredictable and thrilling gameplay experience. A Game That Challenges and Engages Spy...

Woodlands Financial Services Declares Third Quarter Dividend

Woodlands Financial Services Company Reports Dividend Announcement In a recent development that is sure to please its investors, Woodlands Financial Services Company (NASDAQ: WDFN) has announced a substantial cash dividend for the third quarter. This decision reflects the company's commitment to returning value to its shareholders, marking a positive step forward in its...

Chagee Holdings Limited Prepares for Upcoming Earnings Call

Chagee Holdings Limited to Announce Financial Results Chagee Holdings Limited (NASDAQ: CHA), a prominent premium tea drinks brand, is gearing up to share its financial results for the third quarter ended September 30. The reports will be available before U.S. markets open on the scheduled date. Conference Call Details The management team at Chagee will host a conference...

Revolutionizing Digital Security with Quantum-Proof Encryption

Amera IoT Unveils Groundbreaking Quantum-Proof Encryption Amera IoT, a pioneering force in cybersecurity, has announced a significant advancement in digital security with its newest innovation, AmeraKey® Encryption. This state-of-the-art technology aims to safeguard communications from current and future computing threats, especially those posed by quantum computing....