North Atlantic Airlines is revising its business plan.
The airline will return three Boeing 787-8 aircraft to the leasing company by the end of the year and standardize its fleet with the Boeing 787-9 model to reduce costs. One of these aircraft, which has the shortest lease period, has already been subleased. An early return will bring significant accounting profits.
As a business model with low market risk, negotiations for wet leases are underway with several airlines. The contracts are multiple and, if realized, will start impacting by the end of the year.
Additionally, the airline plans to join GDS within the year, making ticket sales available through travel agencies worldwide. The strategy of always offering the cheapest tickets on its website will be maintained. The conditions for credit card fees have also been improved.
Revenue for the April-June 2024 period was $176.8 million, with a load factor of 82%. Cash on hand at the end of the period was $23.7 million, making significant cost reductions a pressing need.
