Atlantic Airways P/F - Ársreikningur

Atlantic Airways 1-3 Quarter Report 2010: Solid operational improvements and return to profits

Atlantic Airways' EBITDA for the third quarter of 2010 amounted to DKK 33.2
million compared to DKK 14.6 million for the same period last year,
corresponding to an increase of 127%. Result before tax for the third quarter
of 2010 was DKK 19.0 million compared to a loss of DKK 4.4 million last year, a
net improvement of DKK 23.4 million. Revenue increased 21% to DKK 133.6 million
in the third quarter of 2010 from DKK 110.4 million last year. All segments -
scheduled services, as well as charter and helicopter activities - showed an
improvement in both revenue and earnings compared to the third quarter of last
year. 

EBITDA for the first 3 quarters of 2010 was DKK 51.0 million compared to DKK
36.2 for the first 3 quarters of 2009, an increase of 41%. Result before tax
for the first 3 quarters of 2010 amounted to DKK 10.3 million compared to DKK
7.8 million in 2009, up 32%. It is estimated that result before tax for the
first 3 quarters for 2010 has been negatively affected by approximately DKK 5
million related to airspace closures associated with volcanic activity in
Iceland. However, in contrast, last year's result before tax was affected by
extra ordinary high financial income in the level of DKK 18 million. 

On this background, for the full year 2010, we are confident that the company
will achieve both a positive EBIT and net result providing that external
factors such as fuel and currencies remain at the same level. 
“We are very satisfied with the results achieved by Atlantic Airways in the
third quarter seen in the light of the considerable challenges we have seen
earlier in 2010”, says Magni Arge, CEO of Atlantic Airways. He continues:
“Increased activity in charter and helicopter segments has supported us well,
but the result is as much the consequence of a demanding turnaround process,
which has included a reduction of capacity, adjusting supply, reducing costs
and effectively managing the yield parameter. The improved profit trend is
encouraging, but our long term success requires continuous work to improve
cost-competitiveness.” 

For further information contact:
Magni Arge, CEO, tel +298 213700, magni@atlantic.fo
Marius Davidsen, CFO, +298 213703, marius@atlantic.fo

Attachments:

atlantic airways q1-q3 report 2010.doc.pdf

atlantic airways presentation 1q-q3 2010.pdf