West Atlantic Group - Financial Interim report January - March 2014 published

West Atlantic continues network expansion and maintain performance in a market characterised by overcapacity

January – March in brief

Revenue: TSEK 298 984 (262 093)
Performed flights 6 439 (5 824)
EBITDA TSEK 52 993 (27 138)
Income before tax TSEK 19 573 (13 240)
Net income for the period TSEK 15 203 (10 702)
Earnings per share SEK 0,56 (0,40)
Cash flow from operating activities TSEK 25 815 (-4 817)

Comments by the CEO
“West Atlantic first quarter performance resulted in an income before tax of TSEK 19 573 (13 240) which corresponded well with projections. The cash flow from operating activities increased to TSEK 25 815 (-4 817), indicating a solid operational performance. The Group’s financial position remains strong and planned investments in the aircraft fleet will continue during 2014.

Revenue increased 14 per cent year-on-year and indicates a continued solid growth for the Group, especially in B737 segment.

The period has been influenced by the Group’s corporate bond instrument (WEST001) listing on NASDAQ OMX which was completed on April 11th. This has also resulted in an IFRS transition which has been completed during the reporting period.

The aircraft fleet was expanded by two B737-400 freighters. One aircraft will replace current subcontracted capacity in intra EU traffic and one have been dry leased out on long term contract to another aircraft operator. These actions are expected to further increase operational margin in the network." – says Gustaf Thureborn, Group president & CEO.