Tag Archives: TFFIX

Icelandair remains in the red with a 1Q net loss of $18.3 million

Icelandair Group (Icelandair) (Keflavik) reported a net loss of $18.3 million in the first quarter, an increase from a net loss of $13.2 million in the same quarter a year ago.

The airline issued this statement:

Icelandair Group organic growth continues

  • Losses after taxes USD $18.3 million, as compared to USD $13.2 million in the preceding year
  • Performance in the quarter exceeded management projections
  • EBITDA negative by USD $8.3 million, as compared to negative USD $3.0 million last year
  • Passenger revenues increased by 24% between years
  • Total revenue increased by 10%
  • Equity ratio was 32% at the end of March
  • Net cash provided by operating activities USD 78.5 million, as compared to USD 86.1 million in the preceding year

Björgólfur Jóhannsson, President and CEO:

“Icelandair Group’s performance over the quarter was better than our budget projected and estimates of continued growth materialized. Capacity on international flights increased by just short of a quarter in the first three months of the year, and the increase in passenger numbers over the same period was 18%. The greatest increase was in the number of passengers on the North Atlantic market, about 40%. The number of passengers in the tourist market to Iceland also increased significantly from last year, with a positive impact for all tourist services in Iceland. The Group’s freight activities have shown a turnaround. Freight charter projects have been downsized systematically, and the focus has been shifted to scheduled air freight services, which has returned good results.

At the start of the year we issued an EBITDA forecast for 2013 in the range of USD 115-120 million. The performance in the first quarter was in excess of the forecast, and in addition operating prospects are generally positive. Based on adjusted assumptions, EBITDA for the year is now projected at USD 122-127 million.”

Copyright Photo: Antony J. Best. Boeing 757-308 WL TF-FIX (msn 29434) departs from London (Heathrow).

Icelandair: AG Slide Show

Icelandair logo

Route Map:

Icelandair 5:2013 Route Map

Icelandair to fly year-round from Toronto

Icelandair (Keflavik) has announced year-round service from Canada with the return of flights from Toronto (Pearson) this spring.

Icelandair will resume operations from Pearson International Airport on March 8, 2013 with four flights per week to Keflavik (near Reykjavik).

Toronto will become Icelandair’s fifth year-round North American gateway.  The Toronto flights are part of a 2013 route expansion that will be the largest in Icelandair’s 76-year history.  The ambitious growth plan includes a new North American gateway, Anchorage and the addition of two new European destinations, St. Petersburg, Russia and Zurich.

Icelandair operates year-round service to Iceland and more than 20 European destinations from Boston, Denver, New York (JFK), Seattle/Tacoma and now Toronto (Pearson).  In addition, Icelandair offers seasonal service from Halifax, Minneapolis/St. Paul, Sanford (near Orlando) and Washington (Dulles).   Only Icelandair allows passengers to stopover in Iceland for up to seven nights at no additional airfare.

Icelandair logo

Route Map:

Please click on the map for the full-size view.

Please click on the map for the full-size view.

Copyright Photo: TMK Photography. Boeing 757-308 TF-FIX (msn 29434) approaches Toronto (Pearson) for landing. Icelandair is replacing its aging Boeing 757 fleet with 12 new Boeing 737 MAX 8 and 737 MAX 9 aircraft with purchase rights for additional 12 aircraft. The first delivery to Icelandair is scheduled for the first half of 2018.

Icelandair: AG Slide Show


Icelandair to expand to Anchorage, St. Petersburg (Russia) and Zurich

Icelandair (Keflavik) has announced its newest gateway from North America: Anchorage, Alaska along with two new destinations in Europe, St. Petersburg, Russia and Zurich, Switzerland.

Flights to Anchorage will begin on May 15, 2013 with nonstop seasonal service between Iceland and Anchorage twice a week through mid-September 2013. From its hub in Keflavik near Reykjavik, Icelandair offers nonstop connections to more than 20 destinations in Scandinavia, the United Kingdom and Continental Europe.

Icelandair will also include more destinations to Europe with four flights a week to Zurich and two flights a week to St. Petersburg, Russia.

Icelandair flights to St. Petersburg will begin on June 1, 2013 with nonstop flights from Iceland twice a week through September 17, 2013. Flights to Zurich, Switzerland will begin on June 1, 2013 with nonstop flights from Iceland twice a week through September 14, 2013.

Copyright Photo: TMK Photography. Stretch Boeing 757-308 TF-FIX (msn 29434) arrives at Toronto (Pearson) from Keflavik.

Icelandair Slide Show: