Significant revenue and load factor improvement in Q1 2022
28 Abril 2022 - 1:03PM
Significant revenue and load factor improvement in Q1 2022
- Operating income USD 158.7 million up from USD 57.3
million
- Passenger revenue increased more than eightfold
- Net cash from operations USD 83.9 compared to net cash to
operations of USD 45.3 million in Q1 last year
- EBIT USD -58.3 million compared to USD -46.2 million with
average fuel price up by 75% compared to last year
- Operating expenses during the quarter include investment
related to peak season
- Capacity 58% of 2019 levels
- Load factor 67.2% despite negative Omicron effect
- Almost 200 employees recruited during the quarter
- Total liquid funds available at end of March USD 383
million
Bogi Nils Bogason, President and CEO
“We continued successfully ramping up our
operations in the first quarter of the year, increasing our
capacity ninefold despite the impact that the spread of the Omicron
variant had on travel. With disciplined network management and by
using the flexibility of our operations, we adapted to the
situation in each of our markets and achieved a load factor of 74%
in March. Various factors impacted our performance, such as the
steep rise in fuel prices, the Omicron impact on demand and
considerable cost related to the preparation of our ambitious
summer schedule. However, the financial results were in line with
management expectations. I would like to extend my thanks to our
employees who have done an outstanding job over the past months
finding solutions to every challenge.
The bookings for the summer are strong for all
our markets and we expect our flight schedule to reach around 77%
of pre-Covid capacity in the second quarter and 85% in the third
quarter. Coming out of the pandemic, it is clear that Iceland is a
popular destination with total capacity through Keflavik airport
exceeding pre-Covid levels in the coming months. This is also
driven by a capacity shift due to various external factors
affecting the global aviation markets. It is evident how crucial it
has been to make sure to safeguard our infrastructure as well as
that of the country´s tourism industry during the pandemic to
ensure that we are all prepared to meet the high demand this summer
and ensure an enjoyable journey for our visitors.
We are optimistic for the future and despite
various outside pressures, the pent-up demand we have been seeing
is realizing and people have started traveling again.”
Webcast 29 April 2022
An investor presentation will be webcasted in
relation to the publication of the results at 8:30 GMT on Friday,
29 April 2022, at http://icelandairgroup.is. Bogi Nils Bogason,
President & CEO of Icelandair Group, and Ivar S. Kristinsson,
CFO, will present the Company’s results and answer questions.
The presentation and Q&A will take place in
English. The presentation will be available after the
meeting on the Icelandair Group website: http://icelandairgroup.is
and under Company News on:
http://www.nasdaqomxnordic.com/news/companynews
Contact information
Investors: Iris Hulda Thorisdottir, Director Investor Relations.
E-mail: iris@icelandair.isMedia: Asdis Petursdottir, Director
Communications. E-mail: asdis@icelandair.is
- Icelandair Group hf 31.3.2022
- Pressrelease Q1 2022
Icelandair Group Hf (LSE:0ERU)
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