Lufthansa and Wizz boost FL Technics’ 2018 financial results
FL Technics, a Lithuanian company providing aircraft maintenance, repair and overhaul (MRO) services, earned €119 million in revenue in 2018, a 14 per cent improvement on 2017, whilst its net profits almost doubled to €10.8 million from €5.7 million, after landing two new long-term contracts from major airline clients.
The MRO specialist attracted an €11 million contract to carry out base maintenance services on 28 aircraft annually for the Lufthansa Group, along with a long-term line maintenance contract with Hungarian low-cost carrier Wizz Air to service 11 Airbus A320 series aircraft in Vienna.
FL has also expanded its specialist technical training programmes covering the Boeing 777 and 767, the Airbus A320 NEO, the ATR 42/72 and the Airbus A330 types.
Zilvinas Lapinskas, chief executive at FL Technics, asserts: “Persistence, lean implementation in our maintenance process, and a rapid reaction to an ever-changing competitive environment were the key factors to net profit growth for all our companies.
“We made our worldwide parts and materials businesses bloom, struck a number of top-notch deals for line maintenance customers in Europe and the Middle East, made a solid foundation for future growth in the Asia-Pacific region by opening a new warehouse in the region – and established a joint venture in China,” Lapinskas reveals.
“2018 was a year of constant growth and geographical expansion and this is visible in our financial spreadsheets,” he adds.
In 2018 FL Technics Indonesia attained a Part-145 certificate from the United States Federal Aviation Administration to provide maintenance and repair services to aircraft registered in the USA.
The company has also established the new entity FL ARI – a joint venture with China Airlines Leasing Group Holdings Limited (CALC) and its subsidiary Aircraft Recycling International (ARI), that will service aircraft in Harbin, the capital city of Heilongjiang, China’s northernmost province. FL ARI will operate a 15,000-sq m hangar with four slots for narrow-body aircraft.
“Our company and its subsidiaries are growing at a very fast pace. We are fulfilling our strategic goals in global expansion and constantly building our reputation worldwide,” Lapinskas concludes.
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