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2010-05-12 19:43:39 CEST 2010-05-12 19:44:37 CEST REGULATED INFORMATION Atlantic Airways P/F - Financial Statement ReleaseAtlantic Airways lower activity and cautious optimismAtlantic Airways Stock Exchange Announcement 6/2010 Atlantic Airways lower activity and cautious optimism The result before tax for the first quarter was a DKK 6,9 million loss, and after tax a DKK 5,7 million loss. The company's total production decreased by 55% compared to first quarter 2009. Majority of this was related to a 89% drop in ACMI/charter production. Helicopter activity off-shore has improved over the winter, but is still at a lower level then at the corresponding period last year. However income from scheduled traffic is better than expected. Total passenger numbers in the first three months of 2010 on the scheduled services network was 36.000 which was in line with the numbers from the corresponding period last year. Easter traffic had a positive effect on these numbers. ”Prior to the eruption in Iceland forward booking was showing a positive trend and this is still the case, but April and to some extent May has been affected negatively by disruptions of traffic because of the spread of the volcanic ashes,”says Mr. Magni Arge, CEO of Atlantic Airways. EBITDA was DKK 6,8 million in the first quarter compared to DKK 11.6 million first quarter 2009. Total revenue for the first three months of this year was DKK 79 million compared to DKK 101 million same period last year, or 22% lower. Several steps have been taken to adapt capacity, reduce fleet and costs, but the company pursues further improvements by ongoing rationalisation and cost saving initiatives. “It is our firm belief that we are on the right track to adjust our operations and organisation to a lower level of activity. We are also experiencing a positive trend in forward bookings but the economic result for the year will be affected by the recent and potential future disruptions caused by the volcanic activity. So far it has affected our operations negatively in April by 5 MDKK,” says Mr. Arge. It is an encouragement to future air travel that the construction work on the extension of the runway at Vagar has commenced in May. Atlantic Airways expects to take delivery of its first A 319 aircraft in March 2012. The company's equity was DKK 211 million as of 31. March, and the equity ratio 51%. 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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