Icelandair's Q2 cash position swells to $219.3m

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Icelandair Group's cash position increased to $219.3 million in the second quarter to 31 June, compared with $172.1 million in the year-earlier period.

Net cash provided by operating activities swelled to $106.4 million from $72.2 million in the preceding year.

Aircraft and aircrew leases decreased by $2.5 million, or 12%, in the three-month period due to the purchase of aircraft, which were previously held on lease, and a "drop in leasing prices", says Icelandair Group in a statement.

Investment in aircraft and aircraft components totalled $50.9 million.

Total assets amounted to $901.3 million at the end of the second quarter, compared with $821 million in the year-earlier period.

The equity ratio was 32% at quarter-end.

Operating assets increased by $32.6 million to $315.6 million, compared with the beginning of the year.

Icelandair Group ended the second quarter with 39 aircraft, of which 27 are owned.