newstodate.aero

Oct 31, 2019 (newstodate): Operating in a challenging aviation market, the Danish ACMI and charter carrier Jet Time has presented its report for the fiscal year 2018/19, landing in black figures.
   For the third successive year, the carrier thus exits the books with a pre-tax surplus landing at DKK 32 mio, which is also the third-largest in its 13 years of operation, and well above the preceding year's pre-tax surplus at 2.7 mio, and with a gross turn-over at DKK 1.4 bio.
   Operating a fleet of six Boeing 737-700 and four Boeing 737-800 aircraft, Jet Time has seen a 16 percent, y-o-y, rise in flight hours reflecting a prolonged and busy charter season as well as a frenzy demand in the ACMI market with Transavia among its major customers.
   The carrier now plans to add two more Boeing 737-800 aircraft around the turn of this year, aiming at entry into service in Spring 2020, and ready for the next summer season 2020
   Managing the company as CEO since 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 on September 2, 2017.
   Jet Time has now set new targets for growing and optimizing its core capabilities in a strategy from September 2019, named core2explore 2025.