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ICELANDAIR REPORTS PROFIT FOR '91

 ICELANDAIR REPORTS PROFIT FOR '91
 NEW YORK, March 26 /PRNewswire/ -- Icelandair, the privately owned


flag carrier of Iceland, came out of a tough year for the airline industry with a 1991 after-tax profit of ISK 150 million (US$2.5 million) on revenues of ISK 12.7 billion (US$211.7 million), it was announced today.
 "Icelandair is one of the very few airlines in the world to report a profit," said Sigfus Erlingsson, vice president, Americas.
 He added that the company's new aircraft and improved service helped bring a traffic gain in Icelandair's North Atlantic operations. With the purchase during the past two years of a new fleet of Boeing 757s and 737s, Icelandair became owner and operator of the youngest international fleet in the skies. Icelandair is currently replacing its domestic fleet with the new F-50s and expects deliveries to be completed in May.
 Looking forward to some rebound in passenger traffic after a difficult 1991, Icelandair anticipates carrying about 3 percent more passengers in 1992 over the 773,883 passengers the airline transported last year. This increase would help the airline approach its goal that net profit reach at least 5 percent of revenues, Erlingsson said. In 1991, net earnings were about 1.2 percent of revenues.
 In 1991, operating profit before financial expenses and taxes reached ISK 908 million (US$15.1 million) up 63.9 percent from operating earnings of ISK 554 million in 1990. Financial costs totaling ISK 720 million (US $12.7 million) reflect Icelandair's heavy investment in purchasing its new fleet of planes.
 In 1990, financial expenses were ISK 139 million, and net profit was ISK 401 million on revenues of ISK 11.6 billion.
 All currency conversions are based on about 60 Icelandic krona to one U.S. dollar.
 -0- 3/26/92
 /CONTACT: Dara Schechter of Icelandair, 212-330-1444/ CO: Icelandair ST: New York IN: AIR SU: ERN


CK-AH -- NY014 -- 1814 03/26/92 09:00 EST
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Date:Mar 26, 1992
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