Atlantica - 01.06.2002, Qupperneq 11

Results from regular operations of Icelandair and
its subsidiaries, before tax, improved by ISK 745
million during the first quarter of 2002, compared
with the same period the year before. This is a clear
indication that the operational reform plan
launched after September 11 is delivering results.
The recovery signs are clearest in international pas-
senger services and in domestic services by Air
Iceland. A strong performance has also been seen
by the new subsidiary, Icelandair Charter and
Leasing.
The main reasons for Icelandair's operational
improvement are the reforms made to its opera-
tions after September 11, in addition to favourable
external conditions. The company has significantly
scaled down its production and seat availability
during the winter months and cut various operating costs. At the same time the com-
pany stepped up its marketing on behalf of the Icelandic tourist industry in cooperation
with the Icelandic government, and managed to defend its position in the tourist mar-
ket to Iceland. Bookings for the summer are good. Compared with airlines in neigh-
bouring countries, Icelandair has managed to react quickly to the new international
aviation scenario.
We are seeing clear signs of recovery in our operations while at the same time inter-
national aviation is facing an uphill struggle in many places. Icelandair's new revised
operating forecast assumes a profit on operations for the year 2002, although great
uncertainty surrounds demand and profitability in the final quarter. We will therefore
continue the operational reforms that we embarked on this winter, ensuring
Icelandair’s future.
A T L A N T I C A 9
Sigurdur Helgason, President and CEO, Icelandair
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Icelandair’s Quick Reaction
007 ATL 402 Sig.Helga 24.6.2002 15:49 Page 9