Atlantic Airways P/F - Årsregnskabmeddelelse

Atlantic Airways 1 Quarter Report 2011: Further improvement on result and utilisation

Atlantic Airways further improved the result in Q1 2011 compared to last year
despite a challenging climate for scheduled services which were affected by
increased fuel cost, higher passenger taxes and lower yield. A decline in
number of passengers in Q1 is expected to be balanced out in Q2. 

Increased activity in capacity provision for other airlines as well as the
adjustment in the helicopter segment led to a significant improvement in
utilization of resources, and this has contributed to the overall improvement
of the result. 

Atlantic Airways' EBITDA for the first quarter of 2011 amounted to DKK 9.3
million compared to DKK 6.8 million for the same period last year,
corresponding to an increase of 37%. Result before tax for the first quarter of
2011 was a loss of DKK 2.6 million compared to a loss of DKK 6.9 million in the
same period last year, a net improvement of DKK 4.3 million. Revenue increased
7% to DKK 84.5 million in the first quarter of 2011 from DKK 78.8 million last
year. 

“It is encouraging to see the company's efforts to improve efficiency and
utilization has led to an improved result. To increase scheduled traffic
Atlantic Airways has invested significant resources in developing tourism and
would highly appreciate a reduction of passenger taxes and charges which would
stimulate tourism and traffic to and from the Faroes,” says Magni Arge, CEO of
Atlantic Airways 

Atlantic Airways maintains its expectation of an improved result for 2011
compared to 2010, but there is uncertainty related to especially fuel prices. 



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 2011.pdf

AA presentation Q1 2011.pdf