Friday, July 26, 2024
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PLAY Airlines has reported significant growth and operational improvements in the second quarter of 2024. The airline carried 442,000 passengers, marking a 13% increase from the 392,000 passengers in Q2 2023.
Financial Highlights
- Cash Position: PLAY maintained a robust cash position of USD 51.4 million at the end of Q2 2024.
- Revenue Growth: The airline’s revenue rose by 7%, from USD 73.1 million in Q2 2023 to USD 78.3 million in Q2 2024.
- Ancillary Revenue: Ancillary revenue per passenger saw an 8% increase, from USD 51 in Q2 2023 to USD 55 in Q2 2024.
Operational Performance
- Load Factor: The load factor improved slightly to 86% in Q2 2024, up from 85% in the same period last year.
- On-Time Performance: PLAY’s on-time performance saw a notable improvement, reaching 89% in Q2 2024 compared to 84% in Q2 2023.
Cost and Earnings
- Earnings Before Interest and Taxes (EBIT): The EBIT for Q2 2024 was negative at USD -4.5 million. This was primarily due to increased capacity in the transatlantic market and heightened competition from neighboring countries attracting tourists.
- Cost Per Available Seat Kilometer (CASK): CASK increased to 5.4 cents in Q2 2024 from 5.2 cents in Q2 2023. Excluding fuel, CASK was 3.8 cents compared to 3.5 cents last year. The rise in unit cost was mainly attributed to capacity adjustments in April and necessary maintenance.
PLAY Airlines anticipates significant improvement in EBIT for the full year, despite the challenges faced in Q2. The airline continues to focus on enhancing operational efficiency and expanding its market presence.
