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FINANCIAL NEWS
Abu Dhabi’s Royal Jet posts 226% hike in 2011’s profit
17 Apr 2012
(MENAFN) Abu Dhabi’s Royal Jet’s president and chief executive, Shane O’Hare, said that net profit of the private-jet operator soared 226 percent in 2011 from a year earlier, reported The National.
O’Hare added that in the period, total revenues surged by 31.2 percent over 2010.
He also said that revenues in 2012’s first quarter jumped by 15 percent from 2011’s same period.
O’Hare said that business performance is expected to be steady throughout 2012, helped by growing private-jet travel during the summer period, air travel in connection with the London Olympics and other sporting highlights, in addition to the constant demand for the firm’s aircraft management and fixed-base operation divisions (Medevac) flights within the region and beyond.
It is worth noting that Royal Jet, which is jointly owned by Abu Dhabi Aviation and the Presidential Flight Authority, has allocated USD10 million in 2012 for interior renovation of its fleet, which includes 6 Boeing Business Jets.
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