Aviation services business Avia’s quarterly profit hits €31m

Profits at Irish-based aviation services business Avia Solutions Group hit €31 million in the three months to June, turning around a €34 million loss for the previous quarter, the company said on Thursday.

Avia, which moved its headquarters to Dublin from Lithuania early this year, provides aircraft crews, maintenance and insurance to airlines as well as operating several carriers itself. It has businesses in 68 countries.

The group’s €31 million in the second quarter almost reversed a €34 million loss in the opening three months of 2023, which stemmed mainly from the cost of expansion.

It ended the first half with a €3 million loss as a consequence. Avia bought 19 aircraft and hired extra crews during the period, according to a statement.

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The company now owns 192 planes, including 153 passenger aircraft and 39 freighters. It has airlines in Europe and Asia and controls more than 100 subsidiaries.

Jonas Janukėnas, Avia chief executive, said it was investing to meet a surge in market demand. “Our present development objectives are predominantly centred around Latin America, Asia and Australia,” he added.

The company recently announced that its subsidiary, FL Technics, was building an aircraft repair hangar in Punta Cana International Airport, in the Dominican Republic.