Magnetic MRO revenue up 79% in 2017
Revenue of the Tallinn-based aircraft maintenance company Magnetic MRO in 2017 grew 79% to €90.9 million, while profits increased 60.4% to nearly €4 million.
Of revenue, 21% was earned from basic maintenance services and 79% from other business operations, it can be seen from the company's annual report.
Last year, the company invested €8.1 million in fixed assets, including the purchase of plane engines.
The company's workforce totalled 330 people whose labor costs totalled €10.3 million.
This January, Baltic private equity and venture capital investor BaltCap, the owner of Magnetic MRO, sold 100% of its holding in the company to Chinese company Guangzhou Hangxin Aviation Technology, making it the largest Chinese investment in Estonia.
Editor: Aili Vahtla