newstodate.aero
Mar 06, 2014 (newstodate): The Faroe Islands' carrier Atlantic Airways has built up a fleet of three Airbus A319 aircraft - but 2013 generated results below the preceding year.
The carrier received its first A319 aircraft in March 2012 to serve the trunk route connecting the Faroe Islands with Denmark, adding a second aircraft in June 2013 and a further third A319 in Q4, 2013.
The two addition aircraft acquisitions were driven by promising charter contracts with Danish tour operators, but the charter markets in Egypt collapsed in 2013 leaving the carrier with excess capacity.
Besides, the carrier also saw decreased helicopter activity, higher leasing costs and one-off employee costs in connection with changes in the management group in 2013, contributing to the weakening result.
With the replacement of the former CEO with Jorgen Holme from November 2013, the airline has started a review of its strategy in a process expected to be completed before summer 2014.
The carrier received its first A319 aircraft in March 2012 to serve the trunk route connecting the Faroe Islands with Denmark, adding a second aircraft in June 2013 and a further third A319 in Q4, 2013.
The two addition aircraft acquisitions were driven by promising charter contracts with Danish tour operators, but the charter markets in Egypt collapsed in 2013 leaving the carrier with excess capacity.
Besides, the carrier also saw decreased helicopter activity, higher leasing costs and one-off employee costs in connection with changes in the management group in 2013, contributing to the weakening result.
With the replacement of the former CEO with Jorgen Holme from November 2013, the airline has started a review of its strategy in a process expected to be completed before summer 2014.