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Icelandair starts B767 service

ICELANDAIR 767REYKJAVIK: May 03, 2016. As the Icelandair Group announces the acquisition of two more B767-300s, it has reported revenue of US$211.8 million for the first quarter of 2016 – an increase of 14 percent year-on-year. Cargo and mail rose 8.0 percent for the period to US$11.02 million or five percent of group revenue. Despite the increase, the overall loss for Q1 widened to US$16.9 million from US$14.5 million last year.

Commenting on the results Icelandair Group president and CEO Björgólfur Jóhannsson said: "The year is off to a good start. The first quarter of the year is always difficult, as many of the company's expenses are incurred in the course of the quarter which relate to the increased scope of business in the peak season, so it is very satisfying that the Group's EBITDA for the first quarter is now positive, the first time since 2010.”

Jóhannsson noted the outlook for the airline’s route network is “favorable” as two B767s join its fleet to support services to 43 destinations with the addition of Chicago, Montreal, Aberdeen, Orly and Kangerlussuaq, Greenland. The B767s will operate between New York-JFK, Boston, Chicago, London LHR, Copenhagen and Amsterdam.

Jóhannsson said the two additional B767-300s have been purchased for an undisclosed sum by Icelandair which will now operate four aircraft of the type in 2017.

The group is forecasting a 2016 EBITDA in the range of US$235-245 million, a drop from the February figure of US$ 245-250 million due to fuel price rises, salary increases and falls in air fares.

Icelandair is competing with Icelandic low-cost carrier WOW on the North Atlantic and now Delta – which has announced it will operate a year-round B757 service five times a week between New York-JFK and Reykjavik.

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