Vastly slimmed down charter carrier swings back to black
The Danish charter airline Jet Time emerged from the 2016-17 fiscal year with a profit of DKK 12.5 million (€1.68 million), against a minus of DKK 298 million the year before, the airline industry news site Check-in reports.
After a major turnaround involving “massive changes” in the organisation of the business, in the words of managing director Jørgen Holme, Jet Time completed the year ending August 31 in the black, on revenues of DKK 1.5 billion.
“Although still unsatisfactory, Jet Time’s performance in 2016-17 is significantly better than the 2015-16 result. At the same time, it shows our recovery plan is working. After settling our unprofitable business areas, we will now cement and expand our position as the Nordic region’s leading independent supplier of charter capacity,” Holme declared.
In recent years, Jet Time has phased out two areas sustaining losses, namely cargo and ACMI leasing on its ATR72s. The company has gone from having a fleet of 28 planes of six aircraft types to just eight Boeing 737s.
“The big changes have gone according to plan in close cooperation with our partners and succeeded not least because of the huge commitment of Jet Time’s employees,” Holme said.
Among Jet Time’s customers are Norwegian, SAS, British Airways, airBaltic, Finnair and other leading northern European carriers. In the future, the company will focus exclusively on its original core business – flexible charter solutions in close partnership with Nordic tour operators and ACMI solutions where Jet Time flies its Boeings on behalf of other airlines. It carries more than 400,000 holidaymakers to the south every year.