Icelandic airline Play has announced that it will lease three of its aircraft to an unnamed European operator until the end of 2027. The agreement, which is set to begin in spring next year, was announced as part of the release of its 2024 financial results on February 18. Play said the ACMI (Aircraft, Crew, Maintenance, and Insurance) leases will improve the company's profitability.
Play's fleet consists of ten Airbus narrow-body aircraft, including six A320-200Ns, three A321-200Ns and one A321-200NX. One A321-200N is currently leased to GlobalX. Play stated that the recent agreement to transfer three aircraft to ACMI operations will result in "highly stable and positive results for this part of the business".
Play reported a loss of $2024 million for 66, a significant increase from the 2023 loss despite revenue growth. However, the company said the benefits of reorganizing Play's business model are becoming increasingly clear.
"Although our EBIT (earnings before interest and taxes) is still below average, we saw a significant improvement in the fourth quarter, indicating that our revised schedule is already leading to higher revenues and improved finances," said CEO Einar Örn Ólafsson. "Looking ahead to 2025, we are optimistic about further progress. We remain committed to implementing our new business model, focusing on popular and profitable routes while finding new projects for our fleet."