Manufacturing Industry
Icelandair cuts flights to improve financial position
Airline Industry Information, Nov 21, 2000
AIRLINE INDUSTRY INFORMATION-(C)1997-2000 M2 COMMUNICATIONS LTD
Icelandair has announced several international flight reductions in order to reverse its losses.
This winter services to North America will be cut by 8-15%, and to Europe by 8-10%, while a number of flights to Minneapolis, Copenhagen and Frankfurt have already been dropped. The carrier's performance on other routes will be reassessed at the end of the year, reported the Iceland Review.
The company's domestic carrier, Air Iceland, is considering dropping unprofitable routes within Iceland.
Icelandair's profits so far this year are considerably lower than in 1999 and it is thought the airline may post an overall loss for the year. The poor performance is attributed to the high price of oil and devaluation of the Icelandic krona.
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