Record passenger revenue of USD$408.3 million leads to USD$58 million profit for Icelandair in third-quarter

Icelandair has seen record passenger revenue of USD$408.3 million leads to USD$58 million profit during the third quarter. 

Photo Icelandair

BOGI NILS BOGASON, PRESIDENT & CEO said : "We reached 82% of 2019 capacity and more than doubled the number of passengers between years. It is great to see how fast our transatlantic market has recovered, accounting for 43% of the total number of passengers in the quarter. Continued improvement of revenue generation from our Saga Premium product positively impacted unit revenue. Furthermore, our cargo and leasing businesses continued to strongly complement our revenue generation.

Achieving these results against a backdrop of considerable challenges during the ramp-up phase has required a joint effort across the Company. Disruptions at airports and in supply chains impacted our operations as well as our customers’ experience. I would like to thank our employees for the dedication and hard work over the past weeks and months, our customers for their trust and patience, and our tourism partners for their great cooperation in quickly ramping up tourism services in Iceland.

The booking status in the fourth quarter is strong although we are expecting some headwinds this winter. The operating environment will remain challenging, where we are seeing interest rates and various costs on the rise which will most likely impact demand. We, however, believe there will continue to be great opportunities for Iceland as an attractive destination and we have a strong foundation to build on. Our financial position is robust with strong liquidity and our extensive route network, as well as our flexibility allows us to move quickly and adjust our operations and services to the situation."

EBIT USD 92.7 million with 19% EBIT margin; improving by USD 84.5 million year-on-year

Record passenger revenue USD 408.3 million

Record load factor and high unit revenue

Number of passengers 1.4 million; more than doubling from last year

Unit revenues up by 38% year-on-year while unit cost excluding fuel decreased by 8%

Strongest cash position ever at the end of Q3

Well positioned to weather headwinds and seize opportunities in the coming months

Icelandair results (globenewswire.com)

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Winter in Iceland: travel advice and tips

Don't be daunted by winter travel to Iceland. There’s so much to love about winter here – including the short and softly lit daylight hours, the long nights potentially filled with northern lights, and the beautiful snowy landscapes. Sunrise happens late, so you don't have to get out of bed early to catch the pink dawn skies, and sunset can last for hours.

Travel to Iceland in winter: weather conditions, what to wear, how to stay safe | Icelandair