Atlantic Airways reports profit increase for 2014

Atlantic Airways has announced profit before tax of DKK 20.2 million for 2014, more than double the PBT of DKK 8.7 million in 2013.The profit after tax was DKK 16.5 million in 2014 compared with DKK 7.1 million in 2013. Revenue increased by 6%, from DKK 542.2 million in 2013 to DKK 573.7 million in 2014, while the number of passengers carried grew by 5% from 225,200 in 2013 to 237,028 in 2014.Atlantic’s liquidity was DKK 103 million at the year-end, which was DKK 13 million less than at the end of 2013. However, the board has declared this position as satisfactory given that the company has gone through major structural changes and has repurchased company shares to the value of DKK 68 million.The company added that the board is committed to the strategy implemented last year, simplifying its operations and putting the focus on developing a solid route network in the Nordic countries with the Faroes Islands as hub. The current routes are the company’s first priority with the remaining capacity sold, when possible, as charter flights.“The company wants to be recognised as a significant gateway to the rest of the world, a gateway with many and diverse connections to our neighbouring countries. We open more doors to the rest of the world. In so doing, we have brought both Atlantic Airways and the rest of the world closer to the Faroes,” commented Niels Mortensen, chair of the board.

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