Atlantic Airways P/F
Atlantic Airways 1 Quarter Report 2011: Further improvement on result and utilisation
Atlantic Airways P/F 12.05.2011 18:24 --------------------------------------------------------------------------- Atlantic Airways further improved the result in Q1 2011 compared to last year despite a challenging climate for scheduled services which were affected by increased fuel cost, higher passenger taxes and lower yield. A decline in number of passengers in Q1 is expected to be balanced out in Q2. Increased activity in capacity provision for other airlines as well as the adjustment in the helicopter segment led to a significant improvement in utilization of resources, and this has contributed to the overall improvement of the result. Atlantic Airways' EBITDA for the first quarter of 2011 amounted to DKK 9.3 million compared to DKK 6.8 million for the same period last year, corresponding to an increase of 37%. Result before tax for the first quarter of 2011 was a loss of DKK 2.6 million compared to a loss of DKK 6.9 million in the same period last year, a net improvement of DKK 4.3 million. Revenue increased 7% to DKK 84.5 million in the first quarter of 2011 from DKK 78.8 million last year. 'It is encouraging to see the company's efforts to improve efficiency and utilization has led to an improved result. To increase scheduled traffic Atlantic Airways has invested significant resources in developing tourism and would highly appreciate a reduction of passenger taxes and charges which would stimulate tourism and traffic to and from the Faroes,' says Magni Arge, CEO of Atlantic Airways Atlantic Airways maintains its expectation of an improved result for 2011 compared to 2010, but there is uncertainty related to especially fuel prices. For further information contact: Magni Arge, CEO, tel +298 213700, magni@atlantic.fo Marius Davidsen, CFO, +298 213703, marius@atlantic.fo News Source: NASDAQ OMX 12.05.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Atlantic Airways P/F Iceland Phone: Fax: E-mail: Internet: ISIN: IS0000006971 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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