Icelandair’s net earnings have dropped by 81% since last year, RÚV reports. Their earnings from cargo transport have, however, risen by 16%. The figures come from the company’s third-quarter results, published recently on Nasdaq Iceland.
Icelandair has maintained minimum passenger flights between Iceland and a handful of destinations in Europe and North America through the COVID-19 pandemic. It has received government support in various forms since the pandemic began and held a successful public share offering in September as part of its financial restructuring.
The company’s CEO Bogi Nils Bogason has stated that the company can maintain minimum service and sales until 2022 thanks to its strengthened financial position. Icelandair Group’s equity ratio was around 26 percentage points at the end of the quarter, or around ISK 40.7 billion ($291 million/€246 million) and equity was around ISK 55 billion ($393 million/€333 million).
