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ADA Group H1 profit up 3.2pc to US$38.4 million, but sales off 5.3pc
ABU DHABI Aviation (ADA) Group first half net profit has increased 3.2 per cent year on year to US$38.4 million drawn on revenues of US$247.1 million, down 5.3 per cent.
ADA directors attributed the drop to "current economic challenge and the winding down of expired client contracts".
ADA subsidiary Maximus Air Cargo (MAX), the air cargo carrier and cargo aircraft wet lease operator, made $86.3 million in the first half of this year which is up six per cent up on the same period last year.
Its net profit was $20.35 million which is up by a third year on year. The directors say the positive turnaround was due to "significant growth on brokerage activities, both government and commercial, and revenue from successful Antonov operations".
First half revenue at Royal Jet, the group's luxury flight services provider, was down 27 per cent year on year to $50.78 million which the directors attribute to "lower requirements from medevac customers, mainly the GHQ and Health Authority Abu Dhabi, and an overall market slowdown".
Royal Jet's net profit for the first six months slumped 28 per cent to $1.18 million attributed to "ownership cost and appreciation of new aircraft".
ADA directors attributed the drop to "current economic challenge and the winding down of expired client contracts".
ADA subsidiary Maximus Air Cargo (MAX), the air cargo carrier and cargo aircraft wet lease operator, made $86.3 million in the first half of this year which is up six per cent up on the same period last year.
Its net profit was $20.35 million which is up by a third year on year. The directors say the positive turnaround was due to "significant growth on brokerage activities, both government and commercial, and revenue from successful Antonov operations".
First half revenue at Royal Jet, the group's luxury flight services provider, was down 27 per cent year on year to $50.78 million which the directors attribute to "lower requirements from medevac customers, mainly the GHQ and Health Authority Abu Dhabi, and an overall market slowdown".
Royal Jet's net profit for the first six months slumped 28 per cent to $1.18 million attributed to "ownership cost and appreciation of new aircraft".
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