The Icelandic budget carrier PLAY airlines has released its latest results from the third quarter of 2024 which shows around 521,000 people travelled with them in the quarter, down 19% from the same period last year.
PLAY achieved a load factor of 89%, virtually unchanged from the 88% for the same period last year and the carrier also saw operational revenues drop $10 million to $100.5 million. Rather surprisingly, the firm turned in a $3.5 million profit which wasn't expected by some in the industry, given the company's recent announcements of a dramatic change in business model. The company said it will axe most of its North American routes to concentrate on flights to Southern Europe, with new routes already announced including Aalborg in Denmark, Faro in Portugal, Pula in Croatia and Valencia in Spain.
The airline was the most punctual airline operating flights from Keflavik International Airport. although it only operated ten planes during the quarter to around 32 destinations around Europe and North America.
Lease payments on PLAY’s aircraft are now set up in such a way that they are higher during the summer months and lower during winter, the effect of which will have a deeper impact on the winter 25/25 season. The savings the company announced will be $ 4.3 million when compared to last winter's bills.
The airline's CEO, Einar Örn Ólafsson commented: "We will offer some of our capacity elsewhere in the world, through our Maltese AOC, expected to be granted in the spring.
Despite these changes, PLAY continues to be an Icelandic company with headquarters and its core operations in Iceland and we pride ourselves in being home to an extraordinary team of aviation professionals. We are confident that these changes will be a financial success, and I look forward to giving our investors and our diligent employees better yields and our loyal passengers an even sunnier disposition."
| Operating statistics | Q3 2024 | Q3 2023 | Change | |
| Number of flights | no. | 3,077 | 3,222 | -145 |
| Number of operating destinations | no. | 32 | 33 | -1 |
| Number of aircraft in operation | no. | 10 | 10 | 0 |
| Percentage of arrivals on time (OTP) | % | 89% | 85% | 3.9 ppt |
| Number of passengers | 000s | 521 | 540 | -19 |
| Available seat kilometers (ASK) | mill | 1,725 | 1,821 | -96 |
| Revenue passenger kilometers (RPK) | mill | 1,540 | 1,611 | -71 |
| Stage length (km) | no. | 2,958 | 2,941 | 17 |
| Load factor | % | 89% | 88% | 0.8 ppt |
| Seats available | 000s | 584 | 619 | -36 |
| Income statement | ||||
| Operating revenue | USD mill | 100.5 | 110.2 | -9.7 |
| Operating expenses | USD mill | 75.3 | 81.9 | -6.6 |
| EBIT | USD mill | 9.6 | 13.4 | -3.7 |
| EBIT margin | % | 9.6% | 12.1% | -2.8 ppt |
| Net operating results | USD mill | 3.5 | 4.7 | -1.2 |
| Balance sheet | ||||
| Total assets | USD mill | 458.9 | 493.8 | -34.9 |
| Total liabilities | USD mill | 452.3 | 468.4 | -16.1 |
| Total shareholders’ equity | USD mill | 6.6 | 25.5 | -18.9 |
| Equity ratio | % | 1.4% | 5.2% | -3.7 ppt |
| Cash and cash equivalents (incl. restricted) | USD mill | 39.8 | 39.2 | 0.6 |
| Share information | ||||
| Share price at period-end | Per share | 2.0 | 8.8 | -6.8 |
| Earnings per share | US cents | 0.2 | 0.8 | -0.6 |
| Key statistics | ||||
| Airfare per passenger | USD | 131 | 144 | -12 |
| Ancillary per passenger | USD | 58 | 58 | 0 |
| Yield per passenger | USD | 189 | 201 | -12 |
| TRASK | US cents | 5.8 | 6.1 | -0.3 |
| CASK (incl. fuel & emissions) | US cents | 5.3 | 5.3 | -0.1 |
| CASK (excl. fuel & emissions) | US cents | 3.5 | 3.4 | 0.1 |
| Grams CO₂ per RPK | gCO₂/RPK | 56.2 | 56.9 | -0.7 |
| CO₂ emissions from jet fuel | MT | 86,466 | 91,578 | -5,112 |
3D Wooden Map on the wall is a unique and eye-catching product that is perfect for decorating any living and workspace. Made of high-quality birch wood, the map features intricate details and contours that bring a realistic and beautiful representation of the world to your wall. The 3D design allows for a more immersive experience, making it an ideal addition to a living room, office or study. This product isn't only aesthetically pleasing but also serves as an educational tool, as it can be used to teach geography to children or to plan your next travel adventure. With easy installation and a durable design, a wooden map on the wall is an excellent investment for any decorator or traveller
Whilst PLAY says it is committed to being an Icelandic company, it is employing more people overseas, with a team in Vilnius already numbering 37. It plans to employ a similar number of people in Malta initially, with more following later next year.