Icelandair reported a loss of $50 million for the second quarter due to grounding Boeing 737 Max fleet.
According to the consolidated statement of comprehensive income, loss for the period from 1 January to 30 June 2019, airline reported a total comprehensive loss of USD 86.4 million.
The Group had expected to have 9 Boeing 737 MAX in its fleet in 2019 which accounts for 25% of Icelandair‘s fleet and 27% of its seat capacity. On 12 March 2019, the Boeing 737 MAX aircraft was grounded which has caused adverse effects in Icelandair‘s operations.
At 30 June 2019, the negative financial effects on EBIT due to the MAX grounding that have been quantified to date are estimated to be around USD 50 million.
Icelandair is pursuing compensation from Boeing of all the negative financial effects caused by the Boeing 737 MAX grounding on the operations.