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International Internet Magazine. Baltic States news & analytics Tuesday, 02.06.2020, 05:13

Small Planet Group targets further growth after 45% revenue rise in 2017

BC, Vilnius, 15.03.2018.Print version
Lithuanian-owned Small Planet Group, the owner of the charter carrier Small Planet Airlines, targets further growth in 2018 after boosting revenue by 45% last year, reports LETA/BNS.

Small Planet Group is indirectly owned by Vytautas Kaikaris and Andrius Staniulis.

"We want to grow in 2018. We will have six new aircraft. We expect to carry 3.9 million passengers on attractive holiday routes," Small Planet Airlines CEO Kristijonas Kaikaris said at a news conference on Thursday.

"Revenue-wise, we expect further growth, given that we will have new aircraft and will handle more passengers," he said.

According to Kaikaris, the company currently sees Germany as its key market for growth.

"We chose Germany as our big growth market. The collapse of two companies, Air Berlin and Niki, gave a huge impetus and opened up room (for competitors)," he said.  

The CEO identified a shortage of pilots in the market as one of the biggest challenges for the company, but noted that all airlines are faced with this problem.

Small Planet Airlines last year carried 2.7 million passengers, up 35% compared with 2016, and increased its fleet by one aircraft to twenty-two. It currently has 24 aircraft with an average age of 14 years.

Small Planet Group this year expects to increase revenue by 26.9% to 410 million euros after posting a 44.8% rise in revenue to 323.1 million euros for 2017.

The group last year turned a net profit of 5.1 million euros, versus a net loss of 3.8 million euros in 2016.

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