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Smartlynx Airlines Estonia almost triples revenue in 2017

BC, Tallinn, 23.03.2018.Print version
The aircraft wet lease and charter service company Smartlynx Airlines Estonia OU has posted a revenue of 63.5 million euros for 2017, representing an almost threefold increase over 2016, informs LETA/BNS.

The company's annual profit surged 3.5-fold from 74,300 euros to 260,800 euros, it appears from the annual report.

Fixed assets totaled 817,100 euros as at year-end, compared with 975,600 euros at the end of 2016. Current assets stood at 6.5 million euros, an increase by almost 2.6 million euros over the year before.

The company employed eight full-time employees in 2017 and labor costs decreased 1.1% to 235,600 euros.

The company operated in Estonia with three Airbus A320 aircraft in 2017, to which capacity from the parent company's fleet was added every now and then. For most of the year one of the aircraft was based in Tallinn, while the others operated under wet lease agreements in Belgium, the Czech Republic, Denmark, Norway, Israel and Vietnam. The main destinations for the Smartlynx planes were Bulgaria, Egypt, Greece, Italy, Portugal, Spain and Turkey.

Smartlynx Airlines Estonia is a fully owned subsidiary of Smartlynx Airlines, a company registered in Latvia. Smartlynx Airlines specializes in wet lease services of its A320-200 fleet and provides full charter operation for its home markets of Latvia and Estonia, predominantly in the leisure market. It also performs in-house cabin crew and flight crew trainings.

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