Icelandair raises forecast after strong second quarter

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Icelandair Group's profit after tax for the first half is down more than 80% to just over $200,000 but the company turned in a stronger second quarter, with profit up 29% to $18.5 million.

Its EBITDA figure for the quarter rose sharply, by 49%, and the performance has encouraged Icelandair Group to increase its full-year projection to $140-145 million.

Passenger revenues for the three-month period to 30 June increased by nearly $26 million, to $177 million.

Overall revenues were up 13%, to $266 million, while expenses rose by 8%.

"Over the first six months of the year operations have been successful and external trends have also favoured the company," says Icelandair Group chief Bjorgolfur Johannsson.

Fuel prices have been lower than those in the carrier's forecasts while currency changes have also been positive. Icelandair also says bookings for the second half of the year are "good".