Estonian subsidiary of Latvia's SmartLynx Airlines posts fourfold increase in 2018 profit

TALLINN - SmartLynx Airlines Estonia, the subsidiary of Latvia’s SmartLynx, posted EUR 1.1 million in 2018 profit, which is 4.2 times more than a year before, shows the company’s annual report.

The company’s turnover expanded 40 percent on year to EUR 88.5 million in 2018.

As reported, SmartLynx Airlines Estonia’s parent SmartLynx Airlines turned over EUR 140.952 million in 2018, an increase of 23.5 percent or EUR 26.857 million against 2017, and the company’s profit grew almost fourfold on year to EYR 18.952 million.

Smartlynx Airlines, established in 1992 as Latcharter, is wholly owned by Smart Aviation Holdings, which in turn belongs to Icelandic national Sigurdur Orn Augustsson.

SmartLynx Airlines specializes in full-service ACMI (Aircraft-Crew-Maintenance-Insurance) aircraft lease services. The airline also provides full charter operation in its home markets of Latvia and Estonia, predominantly in the leisure market. The company has 23 aircraft: 16 units of Airbus A320 and seven units of Airbus A321, three of which serve charter operations in the Baltics.