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The group does not plan to expand in Russia where it sees little growth potential.

"Asia is our primary goal. Passenger numbers in Asia are on the increase due to stable economic grwoth of the past 15 years. Thus, we will continue to move our know-how to Asia and, naturally, we will increase our presence in Asia," Gediminas Ziemelis, chairman of the management board at ASG, said LETA/BNS in a news conference in Vilnius on Thursday.

According to Ziemelis, the group will focus on expansion in Indonesia, Cambodia, Thailand and China. It has no immediate plans for expansion in Russia.

"Our goal is not expansion as such. In Russia, we have 10 competitors in MRO services and 20 competitors in training. Competition has sharply increased and, therefore, we do not aim at placing Russia on our priority list," he said.

The group last year generated 22% of its revenue in Russia (down from 58% in 2013), 33% in Europe, 16% in the CIS (21%), 16% in Africa and 13% in Asia (1%). It did not operate in Europe and Africa in 2013.

ASG this year plans to expand its pilot training and ground handling business in Europe. Its ground handling services arm Baltic Ground Services will increase the number of airports it services from 15 to twenty.

ASG last year posted over 300 million euros in revenue, up from 229 mLn euros in 2015. The group, which brings together 20 companies, employs a workforce of around 2,500 people.