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2010-08-26 17:08:14 CEST 2010-08-26 17:09:12 CEST REGULATED INFORMATION Atlantic Airways P/F - Company AnnouncementAtlantic Airways Half Year Report 2010: Positive trend dampened by ash cloudAtlantic Airways: Positive trend dampened by ash cloud Atlantic Airways result in Q2 was a deficit of DKK 1.5 million, but the company would have posted profit if the cost related to the ash cloud is adjusted for. The airspace closure in April and May had a direct impact on earnings of around DKK 5 million. Ahead of this the airline already faced very challenging conditions because of a substantial decline in the ACMI market, hiking fuel prices and increased airport and passenger fees. Atlantic Airways staff handled the extraordinary challenge from the ash cloud in a remarkable way and maximised the possible outcome of an unprecedented situation. The second quarter deficit of DKK 1.5 million is in line with the result the previous year. EBITDA was almost unchanged at DKK 11.0 million while the turnover fell from DKK 107.5 million to DKK 92.8 million as a result of lower activity. EBITDA for the first half of 2010 was DKK 17.9 million compared to DKK 22.5 million for the first half of 2009. The result before tax for the first half was a deficit of DKK -8.7 million compared to DKK 12.2 million in profit the previous year which was affected by extra ordinarily high financial income. “Despite all the external challenges we are on the right track in our turnaround from red to black numbers ,” says Magni Arge, CEO. He continous: “Reducing capacity, adjusting supply, lowering costs and managing yield as well as an increased activity in the air logistics supporting oil activity is turning the balance into our favour. The third quarter generally generates the highest income during the year because of the high season and we expect turnover to increase compared to the same period last year. For the full year 2010 we expect a healthy improvement of EBIT and a better net result providing that external factors such as fuel and currency, remain at the same level.“ For further information contact: Magni Arge, CEO, tel +298 213700, magni@atlantic.fo Marius Davidsen, CFO, +298 213703, marius@atlantic.fo |
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