newstodate.aero

Feb 05, 2024 (newstodate): -Our core business performed well in 2023, especially in light of impacts of external challenges and negative results in the cargo operation that we have already acted on.
   These are lines from Icelandair Group's report, Financial Results 2023.
    -The carrier did see its cargo volumes up by seven percent, y-o-y, through 2023, but the profitability obviously fell short of expectations; however, improved results in cargo were seen following diverse improvement measures, and in Q4/2023 cargo volumes did rise by 13 percent, while the results were still below Q4/2022, the report says.
   -The ongoing turnaround in the cargo business is now generating some optimism; a positive EBIT is expected for cargo operations in 2024; one of the company's two Boeing 767 freighters have been leased by the Uzbek carrier FlyKhiva for a full year; further improvements are driven by an optimized flight schedule and adjusted network, and Icelandair cargo will have an increased focus on core products, driving higher unit revenues, the report says.
   In November 2023, Icelandair appointed Einar Mar Gudmundsson as new Icelandair Cargo CEO, tasked with the responsibility for actions to return the company to profitability by adjusting capacity to demands in the market.