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Icelandair: Good third quarter performance

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Profit after taxes USD 85.8 million, as compared to USD 65.3 million in the preceding year

•EBITDA at USD 123.9 million, as compared to USD 102.2 million in the preceding year

•Total revenue increased by 13%

•Equity ratio 46% at the end of September

•Net cash provided by operating activities USD 5.8 million, as compared to USD 30.3 million in the preceding year

Björgólfur Jóhannsson, President and CEO:

“The Company’s international flight operations were successful in the third quarter and the results were good. Capacity in the Route Network was increased by 19% from the preceding year. The passenger load factor was 84.2%, up by 0.7 percentage points between years. Around 970 thousand passengers travelled with the Company over the quarter, a record high. The increased scope of the international flight operations, together with the significant increase in the number of tourists to Iceland, had a positive effect on other business activities of the Group.

The Company’s third-quarter profit amounted to USD 85.8 million, up by USD 20.5 million from the preceding year. Financially, the Company is strong and well prepared to take on future challenges; an announcement has already been made of a projected 12% growth in international flight operations next year.

As a result of the third-quarter success we are now projecting our EBITDA for 2014 in the range of USD 150-155 million, up from the earnings estimate published earlier this year.”

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