ICELANDAIR GROUP ANNOUNCES 28% INCREASE IN 2006 PROFITS.

March 03, 2007 (PRLEAP.COM) Business News
COLUMBIA, MD, March 3, 2007 – Icelandair Group, the holding company of 12 independent subsidiaries including Icelandair, has announced an increase of 28% in operating profits (EBIT) over 2005. The operating profit (EBIT) reached 3.3 billion ISK (approximately 50 million USD as per today’s exchange rate). The group’s net earnings were 2.6 billion ISK (approximately 39.4 million USD). Total operating income increased 23% to 56.1 billion ISK (approximately 850 million USD).

Icelandair is the largest subsidiary (52%) of the Icelandair Group, which listed on the Icelandic Stock Exchange (ICEX) December 14, 2006.

The group’s EBITDA approximately 6.1 billion (approximately 92.3 million USD) was the highest in company record. “Icelandair’s successes are reflected in its 70-year history, with nearly 60 years of transatlantic experience,” said Gunnar Eklund, General Manager-The Americas. “Our transatlantic route continues to grow," he continued, “with our newest North American gateway opening in Halifax, Nova Scotia, this May, along with two new Scandinavian destinations in Bergen, Norway and Gothenburg, Sweden. In the coming summer period, besides the regular evening departures, we are also introducing day flights departing from Boston and New York-JFK, four and three times weekly,” Eklund added.

“Icelandair has achieved a solid reputation in this market,” Eklund continued, “with a strong record of quality service and value. Our hub-and-spoke system depends upon the importance of Iceland as our cornerstone and unique destination,” he said, “emphasizing its popularity as one of Europe’s most exciting destinations.”

“We will continue to offer our passengers an opportunity to stopover in Iceland at no additional airfare en route to other destinations in Europe and expect our route network to continue to grow,” Eklund concluded, “as we strive to improve our products and services, including the installation of more spacious and comfortable seating as well as a new in-flight entertainment system.”

Icelandair services destinations in Scandinavia, the United Kingdom and Continental Europe through its gateways in Baltimore/Washington, Boston, Minneapolis/St. Paul, New York-JFK, Orlando Sanford and Halifax (May 2007). Additional information is available at www.icelandair.com.

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