Icelandair Group operating loss widens in 1Q2016

Icelandair Group revenue up 14% - financial highlights for three months ended 31-Mar-2016:

• Revenue: USD211.8 million, +14% year-on-year;
• • Passengers: USD130.8 million, +11%;
  • Cargo and mail: USD11.0 million, +8%;
  • Aircraft and aircrew lease: USD26.3 million, +31%;
• Costs: USD210.7 million, +12%;
• • Labour: USD71.5 million, +25%;
  • Fuel: USD34.1 million, -22%;
• EBIT (loss): (USD20.7 million), compared to a loss of USD19.3 million in p-c-p;
• Net profit (loss): (USD17.0 million), compared to a loss of USD14.6 million in p-c-p;
• Total assets: USD1153 million;
• Cash and short-term investments: USD301.7 million;
• Total liabilities: USD730.8 million.

Icelandair Group: "The outlook for Icelandair Group's international Route Network continues to be favourable. The booking status for the summer is in line with expectations, and Icelandair will take into commission two Boeing 767 widebody aircraft in the coming weeks," Björgólfur Jóhannsson, President and CEO. Source: Company statement, 28-Apr-2016.