North Atlantic Airways has announced its full-year financial results for the fiscal year ending December 2023, reporting a net loss of $168.6 million.
Revenue was $439.4 million, and EBIT showed a loss of $135.2 million. Despite approximately tripling its revenue compared to the previous term, the final loss remained virtually unchanged. The airline transported about 980,000 passengers, with a seat occupancy rate of 74%. A quarterly net profit was recorded in the third quarter.
Cash and cash equivalents at the end of the period stood at $54.8 million, with an expectation to raise $55 million in the first quarter of 2024. Anticipating an increase in summer revenue and income from leasing operations, the airline forecasts a return to profitability for the full year.
The operational plan prioritizes careful route selection and improved seat occupancy rates, along with increased revenue opportunities through freight and charter flights. The strategy includes expanding service to proprietary routes during the summer and operating charter flights in the winter.
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