Atlantic Airways reports DKK21.5m pre-tax profit for 2015

Faroe Islands national carrier, Atlantic Airways has announced that it made a profit of DKK21.5 million (£2.3 million) before tax in 2015.

The airline says it “remains on course to achieve its goals of lower fares, more destinations and a significant increase in passenger numbers”.

The annual result of DKK 21.5 million before tax in 2015, represents an increase of more than DKK1 million (£107,000), compared with the 2014 result of DKK20.2 million (£2.16m). Results after tax were DKK17.6 million (£1.9m) in 2015, compared with DKK16.5 million (£1.77m) in 2014.

Although the results in 2015 were better than in 2014, income decreased by DKK70 million (approximately £7.5m), from DKK574 million (£61.5m) in 2014 to DKK502 million (£53.8m) in 2015.

“We are delighted that the annual results are better than in 2014, even though adjustments and changes in the carrier’s operation have resulted in less income,” remarked chairman Niels Mortensen.

The company’s liquidity was DKK43 million (£4.6m) by year-end 2015 – a reduction of DKK60 million (£6.4m) compared with 2014, due to the acquisition of two new AW139 helicopters (now delivered) and a new Airbus A320, due for delivery in December 2016.

A record 267,000 passengers flew with Atlantic Airways in 2015 – an increase of about 30,000 (13%) compared with 2014 when 237,000 people flew with the airline.

At the airline annual meeting, the board expressed its satisfaction with the course taken by the company to develop its route network – with the Faroe Islands as its hub – and offer cheap fares.

“We keep the set course and make the necessary adjustments along the way,” continued Mortensen. “The annual results are satisfactory considering we have reduced fares, purchased two new helicopters and are acquiring a new aeroplane. Overall, Atlantic Airways is a company well-equipped to meet future challenges.”

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