Jetmagic, which began operations out of Cork on St Patrick’s Day last, is on schedule to make a profit in its first year of operations to March 31, 2004, Raftery told the Irish Independent recently.
“Bookings are extremely strong and Jetmagic has been running a seven-figure sum ahead of our projections,” he said.
Jetmagic had planned on achieving first profit just two years into its four-year business model — and being able to achieve this by the end of the first year was a feather in Raftery’s cap.
According to Jetmagic, Raftery, who lives with his family in Lisbon, recently advised his fellow directors of his intention to resign from his role as chief executive of the airline.
The company has come up against increased competition from Aer Lingus, which now plans to compete on a number of Jetmagic’s busier routes, including Milan, Barcelona and Alicante in Spain.
Raftery had spent most of the last two years in the creation and successful launch of Jetmagic.
The Jetmagic board acknowledged this week that it was “very much aware of the total commitment that was involved over this period.”
He is being replaced by Jetmagic director Terry Liddiard.