Atlantic Airways P/F
Atlantic Airways 1-3 Quarter Report 2010: Solid operational improvements and return to profits
Atlantic Airways P/F 04.11.2010 15:19 --------------------------------------------------------------------------- Atlantic Airways' EBITDA for the third quarter of 2010 amounted to DKK 33.2 million compared to DKK 14.6 million for the same period last year, corresponding to an increase of 127%. Result before tax for the third quarter of 2010 was DKK 19.0 million compared to a loss of DKK 4.4 million last year, a net improvement of DKK 23.4 million. Revenue increased 21% to DKK 133.6 million in the third quarter of 2010 from DKK 110.4 million last year. All segments - scheduled services, as well as charter and helicopter activities - showed an improvement in both revenue and earnings compared to the third quarter of last year. EBITDA for the first 3 quarters of 2010 was DKK 51.0 million compared to DKK 36.2 for the first 3 quarters of 2009, an increase of 41%. Result before tax for the first 3 quarters of 2010 amounted to DKK 10.3 million compared to DKK 7.8 million in 2009, up 32%. It is estimated that result before tax for the first 3 quarters for 2010 has been negatively affected by approximately DKK 5 million related to airspace closures associated with volcanic activity in Iceland. However, in contrast, last year's result before tax was affected by extra ordinary high financial income in the level of DKK 18 million. On this background, for the full year 2010, we are confident that the company will achieve both a positive EBIT and net result providing that external factors such as fuel and currencies remain at the same level. 'We are very satisfied with the results achieved by Atlantic Airways in the third quarter seen in the light of the considerable challenges we have seen earlier in 2010', says Magni Arge, CEO of Atlantic Airways. He continues: 'Increased activity in charter and helicopter segments has supported us well, but the result is as much the consequence of a demanding turnaround process, which has included a reduction of capacity, adjusting supply, reducing costs and effectively managing the yield parameter. The improved profit trend is encouraging, but our long term success requires continuous work to improve cost-competitiveness.' 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 04.11.2010 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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