In its latest financial results, Icelandair has revealed that it lost $41 million during the second quarter of 2019.
This represents an increase in losses of 63% compared to the same period last year, when the company lost $25.1 million.
When looking at its half-year results, the company lost $86.5 million, compared with $52 million during the same period last year - an increase of 66%.
It's being reported that the grounding of Boeing’s 737 Max jets since March, of which Icelandair has six aircraft, has greatly affected the airline's operation this year, costing the company an estimated $50 million during the second quarter.
Elsewhere, the airline has made changes to its flight schedule until the end of October 2019 as it is expected that the suspension of Boeing 737 Max aircraft will last longer than anticipated.
Icelandair has been operating five leased aircraft during the summer season. The leasing agreements of two of the aircraft will expire at the end of August while the other three will be in operation until the end of September.
The airline is currently working on extending the leasing agreement of one aircraft until the end of October.
With these changes, the total seat capacity from 16 September to 26 October will decrease by 4% from what the company had estimated.