Icelandair Group widens net loss in Q1
Icelandair Group reported a Q1 2017 net loss of US$34.9m, widened from the $17m loss for the 2016 Q1. The Q1 of the year is traditionally the weakest of the year for many airlines, but Icelandair’s result was the heaviest Q1 loss it had suffered for several years. Yields dipped 13% compared to Q1 2016 and the group was affected by adverse currency exchange rates. Capacity grew 20% to 2.6b ASKs, with roughly two-thirds of that figure coming as a result of increased services to North America; the bulk of Icelandair’s flights connect Europe to North America via Keflavik airport in Iceland. The airline saw a 9% drop in the price it paid for fuel in Q1 2017 compared to a year earlier and said that 59% of its estimated fuel usage over the coming year had been hedged at a “weighted average swap price” of $517/tonne. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-05-04/unaligned/icelandair-group-widens-net-loss-in-q1
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Icelandair Group widens net loss in Q1
Icelandair Group reported a Q1 2017 net loss of US$34.9m, widened from the $17m loss for the 2016 Q1. The Q1 of the year is traditionally the weakest of the year for many airlines, but Icelandair’s result was the heaviest Q1 loss it had suffered for several years. Yields dipped 13% compared to Q1 2016 and the group was affected by adverse currency exchange rates. Capacity grew 20% to 2.6b ASKs, with roughly two-thirds of that figure coming as a result of increased services to North America; the bulk of Icelandair’s flights connect Europe to North America via Keflavik airport in Iceland. The airline saw a 9% drop in the price it paid for fuel in Q1 2017 compared to a year earlier and said that 59% of its estimated fuel usage over the coming year had been hedged at a “weighted average swap price” of $517/tonne. <br/>
