Sun Country Airlines achieves second-quarter profit of $20.6m

Sun Country Airlines reported a $20.6m profit for the second quarter of 2023 as all three business segments – scheduled passenger service, charter and cargo – posted increases. The Minneapolis, Minnesota-based carrier said on 3 August that revenue during the three months that ended on 30 June rose to $261m, up 19% from $219m in the same period last year. Expenses during the period rose slightly to $225m, up from last year’s $216m. For the first half of 2023, the company said it earned a $58.9m profit, on revenue of $555m, up 25% from last year’s $445m. “During the quarter, revenue growth continued across our scheduled service, charter and cargo businesses, and the second quarter was our eighth consecutive quarter where year-over-year total revenue growth has exceeded total block hour growth,” said Sun Country CFO Dave Davis. The company’s block hours rose by 11.3% during the second quarter, led by charter, which rose 23.9%. About 87% of the company’s charter flying is under long-term contracts, Sun Country says. “As the company continues to normalise its aircraft utilisation, it intends to pursue more ad-hoc charter flying.” Scheduled passenger service block hours rose 7.4% and cargo rose 10.4%. At the end of June, the company had 43 passenger aircraft in its all-Boeing 737 NG fleet, operated 12 freighter aircraft in its cargo operation, and had five aircraft held for operating lease. <br/>