Icelandair’s Q1 cargo revenue rises 8% y-o-y

The Icelandair Group has reported revenue of US$211.8 million for the first quarter of 2016 – an increase of 14 per cent year-on-year. Cargo and mail rose 8.0 per cent for the period to US$11.02 million for a 5.0 per cent contribution to group revenue.

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 B767-300s join its fleet to support services to 43 destinations with the addition of Chicago, Montreal, Aberdeen, Orly and Kangerlussuaq, Greenland. The B767-300s will operate between New York-JFK, Boston, Chicago, London LHR, Copenhagen and Amsterdam.

The Reykjavík-based carrier operates a fleet of 30 aircraft including two B757-200Fs, two B767-300ERs (with two more coming into the fleet by 2017), 26 B757s. The carrier also has orders for 16 B737 MAX and two B757-200s.