PLAY (Iceland) announced a shift in its business model to improve financial performance, moving away from its current North Atlantic connecting traffic focus toward leisure point-to-point services from Iceland and new ACMI contracts.
CEO Einar Örn Ólafsson highlighted that the previous via-route network is no longer profitable and plans for the new model are set to take effect around mid-2025.
The airline will establish a new AOC in Malta, aiming for certification by spring 2025, with a smaller fleet consisting of three to four aircraft in Malta and six to seven remaining under the Icelandic AOC.
PLAY plans to de-emphasize its North American and North European routes due to disappointing yields and increased competition, while emphasizing leisure travel, with a reported net loss of USD 35m in 2023.
