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PLAY Reports Second Quarter Loss of $14.3 Million on Revenue Increase to $32.5 Million

PLAY has reported a second quarter loss of $14.3 million compared to a loss of $1.4 million in the same period last year when they just started operations. The carrier’s revenue increased from $9.6 million during Q1 to $32.5 million in the second quarter.

PLAY Airbus A321neo - Courtesy PLAY

On Monday (August 22, 2022), PLAY Airlines announced their second quarter financial results for the period ending June 30, 2022. The carrier reported a loss of $14.3 million compared to a loss of $1.4 million in the same period last year when the company just started operations. The loss was expected as the airline continues to ramp-up and has yet to reach economies of scale. Revenue between Q1 and Q2 2022 increased 339 percent from $9.6 million to $32.5 million, on the expansion of PLAY’s network to a hub-and-spoke model with a strong booking flow. During the second quarter, PLAY carried approximately 181,000 guests with an average load factor of 74.8 percent, and projects they will carry over 800,000 guests for the full year 2022. At June 30, 2022, PLAY cash, cash equivalents and restricted cash totaling $39.5 million.

In Monday’s announcement, PLAY’s CEO, Birgir Jonsson, said,

“We can safely say that PLAY has now emerged from the tough obstacle course of the startup and expansion phase and smoother sailing is ahead. Over the past months we have created a solid foundation that we will use to keep developing PLAY as a successful company. The second quarter of 2022 was the last hurdle towards running our business model which came into full effect in July, at the beginning of the third quarter. After rapid expansion with many new destinations, the deployment of our VIA operations and receiving new aircraft, our operations are now stable. I am so proud of the people working at PLAY who have managed to start this company during a volatile time in a complicated business environment.

“We are now coming out of the development phase with a strong financial position and finally the external conditions are more favorable after strong headwinds. Oil prices are, for example, going down fast. We see brighter times ahead, our booking status is strong and we plan on showing a positive operating result later this year. People are clearly not deterred from traveling because of the coronavirus anymore. We see that in the increase of our long-term bookings and a drop in cancellation coverage. Our biggest objectives this coming winter are receiving four new aircraft, which will be added to our fleet next year, and hiring more crew members. 300 great people are already working at PLAY and that group will be even bigger next year when we will hire 200 more.”

PLAY forecasts turnover for the full year 2022 to reach between $150-$160 million, and expects to achieve positive operating results later this year. The company has reached their cost target ahead of time with costs per available seat kilometer, excluding fuel (CASK-ex) coming in at under 4.0 U.S. cents. During the second quarter, PLAY started operating in 14 new markets, and by the start of the third quarter the carrier’s full hub-and-spoke network was in place with an operating fleet of six aircraft. During July 2022, PLAY carried approximately 110,000 passengers with a load factor of 87.9 percent, mainly on connecting flights across the Atlantic between Major cities in Europe and the U.S.

Founded in 2019 by Arnar Magnússon and launched in June 2021, PLAY is a new Iceland-based low-cost carrier (LCC) which operates flights between Iceland and Europe, as well as to North America. PLAY operates a fleet of six Airbus A320neo Family aircraft including two A320neos three A321neos and one A321neoLR. This winter, the carrier will receive four new aircraft which will join the fleet in 2023. PLAY currently serves 25 destinations.

Source: PLAY Airlines


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