Jet Time (2006) (Copenhagen Kastrup) has outlined a major recovery plan in the wake of a DKK69.9 million (USD10.9 million) loss for its latest financial year Danish aviation portal, check-in.dk has reported.
In an internal letter to employees seen by the site, CEO Klaus Ren said the programme would last roughly 36 months with the airline tasked with finding DKK20 million in its budget within the next 100 days in order to sustain operations.
"The [recent] poor performance means that we have to implement an emergency rescue plan to ensure that our common workplace safely comes through the challenges and once again becomes a profitable business," he said.
The restructuring process requires the formulation of a viable strategic plan covering operations until 2018. Launched in summer last year, the plan will initially focus on streamlining the airline's processes in order to make DKK20million in savings by the end of the current financial year, which ends in August. Thus far, DKK10 million in savings have already been made.
While Jet Time is looking to boost its ACMI/charter and cargo market share, it is also eyeing an increase in ancillary revenue inflows. To achieve this, Ren said, the carrier intends to boost the sales of on-board liquor, chocolates, and ladies haberdashery on charter flights to southern Europe.
Ren added that Jet Time is also currently in negotiations with shareholders and several local banks concerning a possible capital injection.
