Shares of Play airline drop over 20 percent amid operational changes in Iceland and new plans in Malta

Shares of the airline Play have dropped by over 20 percent since the market opened today. The airline announced yesterday its intention to apply for an aviation operating license in Malta and register some of its aircraft there. Additionally, it plans to reduce its flights to the United States while increasing its focus on routes to Southern Europe.

Einar Örn Ólafsson, CEO of Play, stated that the airline is scaling back its operations in Iceland. The number of aircraft in the country will be decreased, leading to tighter operational constraints. “This means, in turn, that there will be fewer job opportunities with us,” he added.

Since the market opened, the trading volume for Play shares has reached eight million Icelandic krónur.