Brief: Play To Slash Capacity On North Atlantic Routes

Fly Play hf

17/10/2024 11:11

Oct 17 (Reuters) - Fly Play hf  PLAY.IC :
    * SAID ON WEDNESDAY DECIDED TO SIGNIFICANTLY CUT BACK ITS
CAPACITY
ON ITS NORTH ATLANTIC ROUTES
    * SAID ADJUSTMENT IS ALREADY UNDERWAY AND WILL CONTINUE INTO
2025
    * NUMBER OF DESTINATIONS IN NORTH AMERICA AND NORTHERN
EUROPE WILL
DECREASE BY MID-YEAR 2025, WITH BIGGER EMPHASIS BEING PLACED ON
LEISURE MARKETS IN SOUTHERN EUROPE
    * SAYS NORTH AMERICAN MARKET HAS CHANGED SUBSTANTIALLY WITH
GENERAL INCREASE IN SUPPLY WITH NEGATIVE EFFECT ON FINANCIAL
RESULTS
    * WILL UTILIZE PART OF FLEET OUTSIDE OF ICELAND
    * SAYS CO'S FINANCIAL POSITION REMAINS SECURE
    * EXPECTS 2024 EBIT TO FALL BELOW LAST YEAR'S RESULTS, WHICH
IS A
CHANGE FROM PREVIOUS STATEMENTS
    * INCREASE IN CAPACITY ACROSS ATLANTIC IN SPRING AND SUMMER
2024
HAD GREATER NEGATIVE IMPACT THAN ANTICIPATED
    * "IT IS OUR VIEW THAT THE VIA-ROUTE NETWORK IS NO LONGER AS
PROFITABLE AS IT ONCE WAS" - CEO
    * HAS APPLIED FOR AN AIR OPERATING LICENSE IN MALTA 

        
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