Icelandair increases equity ratio to 39%

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Icelandair Group ended the third quarter with an equity ratio of 39%, an increase from the end of year-earlier quarter, when it stood at 36%.

Interest-bearing debt amounted to $158.1 million at 30 September, down from $159.2 million at the beginning of the year, says the airline in earnings statement today.

Payments on long-term debt in the third quarter amounted to $9.4 million.

The group improved its cash and marketable securities to $167.7 million at the end of the quarter compared with a balance of $109 million at the end of September 2011.

Aircraft and aircrew lease costs decreased by 15% in the quarter to $3.5 million compared with the year-earlier period due to the purchase of two Boeing 757-200 at the end of 2011, say Icelandair. The aircraft were previously held on long-term lease contracts. The airline also reduced cost by returning one cargo aircraft in the first half of the year.