Magnetic MRO revenue up 79% in 2017 ({{commentsTotal}})

A plane being fitted out in Tallinn by Estonian firm Magnetic MRO.
A plane being fitted out in Tallinn by Estonian firm Magnetic MRO. Source: (Sander Ilves/Postimees/Scanpix)

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

Source: BNS



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