Sunday, 3 November 2019

Icelandair saw operation improvements during Q3

The struggling Icelandic carrier Icelandair has reported some improvements in its operational performance over the last quarter.  The firm's total revenue amounted to USD $533.9 million in the quarter, down by 2%.

Icelandair's President & CEO, Bogi Nils Bogason, said: “The third quarter results show improvements in the Company’s underlying operations despite the unprecedented impact of the suspension of the MAX aircraft, Icelandair’s key strength is the flexibility of the route network which has allowed us to optimise our flight schedule by shifting our focus towards more profitable routes and markets. We have emphasised the tourist market “to” Iceland to meet increased demand and transported 30% more passengers to Iceland during the high season year-on-year and this focus will continue into 2020.

We have managed to reduce the impact of the MAX suspension by implementing an extensive action plan to decrease costs and drive revenues. In addition to the optimisation of our route network, we have improved our revenue management and achieved better utilisation of employees. In the third quarter, we have also continued to make great progress in on-time performance which has significantly reduced disruption cost in the route network, despite the pressures on the network and our employees due to the MAX suspension. The prospects for the full year 2019 have improved. Our core operations are robust, equity position and liquidity are strong. We are therefore well equipped to achieve our goals of further strengthening our operations and improving the profitability of the Company going forward.”

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