newstodate.aero
Nov 08, 2017 (newstodate): After a turbulent year, downsizing of fleet and business scope and implementation of a restructuring plan, the Danish charter and ACMI carrier Jet Time is now seemingly back on the tracks, leaving its latest fiscal year ending August 31, 2017, in black figures.
Managing the company as CEO from June 1, 2016, Jorgen Holme was given the task of turning around Jet Time to bring back the airline on a firm footing after a troubled period with a diversity of business segments, feverish expansion and weak financial and cost control.
Two out of four business areas, Boeing Cargo and ATR ACMI, were cut; the Boeing Cargo operation was gradually phased out in the period January to May 2017, and the exit from Boeing Cargo was fully completed before year end.
The ATR ACMI operation serving SAS was gradually phased out in the period December 2016 to September 2017, and the exit from ATR ACMI was fully completed in September 2, 2017.
As a result, the fleet has been reduced from 28 to just eight aircraft and now comprises only three Boeing 737-300 and five Boeing 737-700 passenger aircraft which has a positive impact on maintenance and crew scheduling costs.
Jet Time also closed down its Finnish subsidiary Jet Time Oy established in March 2014 to allow Jet Time to perform flights to Turkey for Finnish tour operators under its own Finnish AOC.
Summing up, Jet Time exited its latest fiscal year having lost about half of its share capital, but covering up with new loans and backed by the implementation of its Jet Time Core Business Plan 2020 the carrier is confident of rebuilding up its capital base through own profitable operations.
Managing the company as CEO from June 1, 2016, Jorgen Holme was given the task of turning around Jet Time to bring back the airline on a firm footing after a troubled period with a diversity of business segments, feverish expansion and weak financial and cost control.
Two out of four business areas, Boeing Cargo and ATR ACMI, were cut; the Boeing Cargo operation was gradually phased out in the period January to May 2017, and the exit from Boeing Cargo was fully completed before year end.
The ATR ACMI operation serving SAS was gradually phased out in the period December 2016 to September 2017, and the exit from ATR ACMI was fully completed in September 2, 2017.
As a result, the fleet has been reduced from 28 to just eight aircraft and now comprises only three Boeing 737-300 and five Boeing 737-700 passenger aircraft which has a positive impact on maintenance and crew scheduling costs.
Jet Time also closed down its Finnish subsidiary Jet Time Oy established in March 2014 to allow Jet Time to perform flights to Turkey for Finnish tour operators under its own Finnish AOC.
Summing up, Jet Time exited its latest fiscal year having lost about half of its share capital, but covering up with new loans and backed by the implementation of its Jet Time Core Business Plan 2020 the carrier is confident of rebuilding up its capital base through own profitable operations.