Revenue increased 13% to DKK 104.1 million in Q1 2013 from DKK 91.9 million in the corresponding period in 2012. The increase is mainly attributable to increased charter activity and an increase in passenger numbers on scheduled services.
EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the first quarter of 2013 increased 91% from DKK 7.0 million in the first quarter of 2012, to DKK 13.4 million.
The result before tax (EBT) for the first quarter of 2013 was DKK -3.3 million, compared with DKK -5.3 million for the first quarter of 2012 and the result after tax was DKK -2.7 million, compared with DKK -4.3 million in the first quarter of 2012.
The supply of seats in the first quarter was around 20% higher than in the corresponding period last year due to the new A 319 platform on the main route to Copenhagen. Passenger traffic on scheduled services increased 14% in the same period. Some of this growth in March is also supported by Easter traffic fluctuation.
“Growth in traffic has been significant although there is still room for better loads in the low season. Growth has been driven by low fare campaigns and supported by Easter fluctuations and some growth in ‘must-go’ traffic,” says Magni Arge, CEO.
“The first 12 months of Airbus operation have been very succesful. The aircraft has performed well and above our expectations in all seasons. The growth in supply has led to a growth in demand although there is still room for improving the load factor. And the groundbreaking RNP AR navigational aid system has made it possible for us to improve regularity to a level on a par with less demanding airports. The next step for us is to introduce the second Airbus in June. It will be modified to RNP standard as it will service both the route network to the Faroes as well as charter operations out of Denmark,” says Magni Arge.
Atlantic Airways expects an increase in the full-year result in 2013, compared with 2012, yet fuel prices, adverse weather and increased competition may have a negative impact on the result. Other risk factors mentioned in the section ‘Risk management’ in the annual report 2012 may similarly affect the financial performance.
For further information contact:
Magni Arge, CEO, tel. +298 213700, magni@atlantic.fo
Marius Davidsen, CFO, tel. +298 213703, marius@atlantic.fo
Joen Remmer, COO, tel. +298 213702, remmer@atlantic.fo
