Small Planet Airlines Turns Record Profit Post Management Buy Out
Small Planet Airlines made a profit of EUR 2.6 million during the year, whereas in 2012 it suffered losses of EUR 2.2 million. Gross profit margin doubled when compared to 2012. The company’s net profit margin amounted to 2.1% in 2013, whereas the same indicator was negative (-2.7%) in 2012.
“Rebound in economy, change of fleet to A320s and more flights from existing and new clients have been the major factors for success in 2013.” said Vytautas Kaikaris, CEO of Small Planet Airlines.
Small Planet Airlines will use a total of 11 aircraft – nine Airbus A320 and two Boeing 737-300 – to carry passengers during the year 2014 from airports in Great Britain, Lithuania, Poland and Italy. One aircraft will be used as a back-up unit.
Small Planet Airlines expects continued improvement in profitability this year. Since the management buy-out in March of last year, the airline has reduced its long-term debt by more than half and is expecting to pay down all of its remaining long-term interest bearing debt before the end of this year.
About Small Planet Airlines
Small Planet Airlines is an independent European leisure carrier with air operator certificates in Lithuania and Poland. During the European holiday season from May to October, Small Planet Airlines serves the leading tour operators in Europe and carries their passengers to Greece, Spain, Turkey, Egypt, and other popular holiday destinations. During the winter season, Small Planet Airlines wet leases some of its capacity outside Europe. The company also performs flights for military, government, corporations and private individuals on an ad-hoc basis.
