Airport, Covid-19, Lithuania, Transport
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Friday, 19.04.2024, 12:08
Lithuania's Avion Express: Results can deteriorate due to crisis
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"The company will lose a significant part of its revenue due to the spread of COVID-19. The ongoing crisis will also have impact on the company's profitability. In this time of great uncertainty, especially in the aviation business, it is hard or even impossible to estimate what the ongoing crisis' long-term effect on the company business will be," Avion Express said in its 2019 financial report filed with the Lithuanian Center of Registers.
The company says it remains cautious and is actively looking for way to neutralize the crisis and has begun providing cargo transportation services.
Avion Express has cut over 50 jobs since last spring and had 97 employees in August, based on information from the social insurance fund SoDra.
Avion Express posted 149.523 million euros in revenue for 2019, up 23% from 121.552 mln euros in 2018. Its profit jumped almost five times (392%) from 3.51 mln to 17.273 mln euros, according to the company report.
During last year's summer season, the company had 21 Airbus A320s and one Airbus A321 plane and its fleet grew 17%, compared to 2018.
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