Continued high charter activity and increased numbers of passengers on domestic routes in Greenland contributed to providing the Air Greenland group with yet another fine result for the year.
Profits in 2007 amounted to DKK 73.2 million before tax and DKK 49.3 million after tax. This is significantly better than was expected a year ago.
With regard to subsidiary companies, A/S Hotel Arctic in Ilulissat is now back at a satisfactory level and made a profit in 2007 of DKK 2.4 million before tax. Greenland Travel made a profit of DKK 2.8 million before tax with is also very satisfactory.
Profits for the group for 2007 are DKK 17.6 million lower than 2006. This fall in earnings is mainly due to lower numbers of sold seats on the overseas routes as a result of competition from SAS and Air Iceland, coupled with the unfulfilled expectations for the Baltimore route, which has consequently been closed.
In 2007, an extensive and detailed five-year strategy was planned for the Air Greenland group. Towards 2012, intensive efforts will be made to reach the targets of doubling turnover and increasing earnings by 50% during the period. The means will include extra training of employees, and replacement and modernisation of part of the fleet in order to reduce maintenance costs.
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