Tuesday, 9 April 2019

Icelandair saw passenger numbers rise in March

Photo Icelandair
Icelandair is reporting that passenger numbers across its international route network during March increased by 3%. The airline carried 120,911 passengers during the month and its load factor was 81.2% compared to 81.9% in March last year. The market with passengers travelling to Iceland was Icelandair’s largest market in March, accounting for 45% of the total number of passengers.  The greatest proportional increase in passenger numbers was also in this market 13%. Arrival On-Time-Performance in the route network was 77,3% improving by 4.7 percentage points from last year.

The number of passengers on domestic and regional flights were 23 thousand, decreasing by 19% compared to March last year.  Flights to Belfast and Aberdeen stopped mid-May 2018, explaining the reduction in the number of passengers. The load factor was 68.0% and increased by 8.1 percentage points compared to last year. The number of sold block hours in charter flights decreased by 13% between years, due to fewer projects than at the same time last year.  Freight increased by 14%. The number of sold room nights at the Company’s Hotels was up by 14% from last year. The room utilisation was 77.8% compared to 78.0% in March 2018.

  To market (passengers)120,91113%311,24613%
  From market (passengers)42,2824%114,71510%
  Via market (passengers)104,547-7%276,768-2%
Total Number of Passengers267,7403%702,7296%
Load Factor81.2%-0.7 ppt76.4%-0.1 ppt
Available Seat KM (ASK´000,000)1,060.56%2,887.88%
Revenue Passenger KM (RPK´000,000)861.15%2,206.08%
Stage length (KM)3,1722%3,1141%
On-Time-Performance (Arrivals)77.3%4.7 ppt78.9%14.4 ppt
Number of Passengers23,000-19%62,129-14%
Load Factor68.0%8.1 ppt63.7%3.7 ppt
Available Seat KM (ASK´000,000)11.2-36%30.8-30%
Fleet Utilisation90.9%-9.1 ppt91.2%-8.8 ppt
Sold Block Hours2,553-13%7,478-14%
Freight Tonne KM (FTK´000)12,00014%32,3446%
Available Hotel Room Nights32,92514%95,24219%
Sold Hotel Room Nights25,61214%70,12114%
Occupancy of Hotel Rooms77.8%-0.2 ppt73.6%-3.8 ppt

The Icelandair group are also in the final talks of selling off some 80% of the hotel business to an undisclosed buyer and it expects the deal to be completed by the end of the second quarter. The board are also suggesting a further devaluation of the shares as a new issue of shares to be released.  This is for the 11.5% stake it has sold to PAR Capital Management, the company recently announced.  Bogi Nils Bogason, President and CEO of Icelandair Group said, “PAR Capital Management is a great addition to our strong group of shareholders. We believe that a partnership with PAR Capital Management will bring substantial value to Icelandair Group. It is moreover pleasant to have this seasoned international investor share our belief in the prospects of the Company.”  

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