Avia announce financial results for Q1 2024

Avia Solutions Group revenue climbed 26%, reaching €508.8 million in its results for this year's first financial period, driven by growth in passenger flights. Its revenue from passenger aircraft ACMI services grew 2.3-fold, reaching €216 million. It reported a net loss of €97.5 million, up further from €33 million in the first quarter of 2023. During the first quarter of this year, Avia expanded its fleet with 13 new aircraft through its acquisition of Australia's Skytrans Airlines in March, bringing the total to 171 passenger and 42 cargo aircraft. According to an Avia press release, these results were “mostly due to investment into fleet capacity and crew, in preparation for a record-breaking summer season, as well as to strategic expansion in new markets. “Even though, in the aviation industry, the first quarter of any given year is typically considered not as profitable, the group’s entire fleet, which today encompasses 213 aircraft, has already been leased to major European and international airlines, including Lufthansa Group, Turkish Airlines, Wizz Air, TUI, IndiGo, among others,"" said Avia Solutions Group CEO Jonas Janukenas. He added: ""We are now fully prepared for the summer season, which we expect to break all previous records. The group’s aviation services infrastructure and global scale give us a significant competitive advantage and the status of industry leaders.""