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International Internet Magazine. Baltic States news & analytics Thursday, 04.06.2020, 14:26

Lithuania's FL Technics doubles profits to EUR 11 mln in 2018

BC, Vilnius, 22.05.2019.Print version
FL Technics, part of the Avia Solutions Group owned by Lithuanian businessmen Gediminas Ziemelis, earned 10.8 mln euros in net profits last year, which is almost double from 5.7 mln euros in 2017. The company's revenue rose 14% to 119 mln euros, reported LETA/BNS.

"We struck a number of top-notch deals for line maintenance customers in Europe and the Middle East, made solid ground for future growth in the Asia-Pacific region by opening a new warehouse in the region and establishing a joint venture in China. 2018 was a year of constant growth and geographical expansion and it is visible in our financial spreadsheets," says Zilvinas Lapinskas, managing director at FL Technics.

"Our company and its subsidiaries are growing at a very fast pace. We are fulfilling our strategic goals in global expansion and constantly building our reputation worldwide," he added.

Last year, FL Technics signed a contract worth 11 mln euros with Lufthansa Group on the maintenance of 28 planes, and also a similar contract with Hungarian low-cost airline Wizzair on the maintenance of Airbus A320 planes.

Also in 2018, FL Technics was certified by the US Federal Aviation Administration to carry out maintenance of US-registered aircraft. Moreover, the company established a joint venture with China's China Airlines Leasing Group Holdings Ldt. (CALC) and its subsidiary Aircraft Recycling International (ARI).

Avia Solutions Group, indirectly controlled by Ziemelis, owns 100% of FL Technics.


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