Icelandic low-cost carrier PLAY has announced a USD 12 million profit turnover for the summer of 2023.
For PLAY, reporting such a profit during the summer season is a first. It highlights their overall profitability as a company and a business model that they believe is working well for them thus far.
PLAY says that during the summer months, their revenue nearly doubled compared to the 2022 summer months, with a figure of USD 116 million highlighted, up from USD 63 million in 2022.
537,000 passengers were carried in the handful of months from June to August, and their punctuality rate was 83.9% overall.
As we draw nearer to the end of the peak season, we are very proud of PLAY’s performance over the summer months and optimistic for the future. We see solid financial results with revenue in the summer months nearly doubling from last year and the airline delivering a net profit of $12 million in the same period. That is a turnaround, from net loss to net profit, of around $15 million from last year.Birgir Jonsson CEO
Taking on four new aircraft and adding 13 destinations in the summer was hugely pivotal in allowing the increase at PLAY.
Now, PLAY has a fleet comprising ten in-service aircraft per Cirium, comprising 6 A320 family jets and 4 A321 family jets. With an average age of 3.6 years, they are one of the youngest fleets.
PLAY also forecasts it’ll almost double its revenue for the third quarter, and its operational margin (EBIT) will be nearly ten times higher than one year prior.
The airline will continue to look towards keeping costs as low as possible while increasing its unit revenue and only further boosting capacity across its network.