The Icelandic low-cost airline Play reported a quarterly profit for the first time since it began operations. This is reported at $3 million for Q2023/5,2. Revenues increased by 84 percent compared to the same period last year.

Most recently, the network was expanded by 13 routes to 33 destinations in North America and Europe. 24 percent of all passengers flew from Iceland, 33 percent to Iceland and 43 percent were Via passengers. The airline from Iceland's capacity increase is 70 percent compared to 2022, revenue increased by 84 percent and unit revenue (RASK) increased by nine percent. Compared to the third quarter of the previous year, utilization improved by 3,4 percent from 85 percent to 88,4 percent.

After recording a net loss of $2,9 million in the same quarter last year, Play can report a net profit of $5,2 million this year. Sales currently amount to $110,2 million - an increase of $50,3 million compared to the third quarter of the previous year. Through optimized product offerings as well as the tariffs and other additional products introduced in February, Play is increasingly focusing on increasing additional income. The additional income per passenger increased from $2023 (Q43 3) to $2022 in the third quarter of 58. Total additional income this year through October 26th is 150 percent higher than at the same time in 2022.

“We are very proud of our financial and operational results for the third quarter. Play is on a strong growth trajectory as we grow our fleet, expand our network and welcome many new players to our team. We are planning less growth next year. Instead, we will focus on operational optimization and stabilization and increasing our profitability before embarking on the next phase of growth in 2025. Some new jets have already been secured for this purpose, and the route network is also being expanded,” explains Play CEO Birgir Jónsson. “I would like to thank all the extraordinary individuals who make up the Play team for their fantastic work and I firmly believe that nothing will stand in their way in the future if they continue to play to win!”