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2008-05-22 11:00:48 CEST 2008-05-22 11:01:51 CEST REGULATED INFORMATION Atlantic Airways P/F - ÁrshlutareikningarAtlantic Airways better core operations - but weaker resultAtlantic Airways' result before tax was a loss of DKK 7.6 mill., compared to a loss of DKK 5.9 mill. for the same period last year. The loss was on the same level as expected, but in order to reach the budgeted result for the full year 2008, the company must, as other operators in the airline industry, introduce measures to deal with the severe increase in fuel prices. For the first time ever, Atlantic Airways as a listed company publishes its quarterly financial statement. The company posted a loss after tax of DKK 6.2 mill. for the first quarter of 2008 compared to a loss of DKK 4.8 mill. for the corresponding quarter last year. The first quarter of the year is generally the weakest quarter in the airline industry due to a lower volume of traffic during the winter season. The result is on the same level as was expected despite the fact that fuel cost increased by 20% during first quarter, and financial income declined. Excluding market value adjustment of securities, core operations actually improved during the first quarter of 2008 by DKK 1.5 mill. compared to 2007. "The first quarter result is acceptable under the current conditions", says Magni Arge, CEO of Atlantic Airways. A total of 102,792 passengers travelled with Atlantic Airways in the first quarter of 2008 compared to 79.705 the same period last year, an increase of 29%. Equity was DKK 208 mill. at 31 March 2008 and the resulting equity ratio 52.6%. The number of passengers on scheduled flights so far this year, and the number of sold tickets for the summer season, indicate that the budgeted figures for the full year are on track. The charters for SAS are also performing as expected. There is no indication of increased helicopter activity in the Faroe Islands later this year. Therefore is the company working on creating partnerships outside the Faroe Islands. The company intends to offset the impact of increased fuel costs with fuel surcharges and adjustments of the price and bonus system. If the current trend of increases continues, it may be necessary to further increase the fuel surcharges. The company has also undertaken some fuel efficiency measures to reduce fuel comsumption and CO2 emissions. The full first quarter report for 2008 can be seen on the company website www.atlantic.fo and is also attached to the OMX stock exchange announcement. For further information contact Magni Arge, CEO, tel +298 341002- magni@atlantic.fo or Marius Davidsen, CFO, +298 341032 - marius@atlantic.fo |
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