Aeroflot Russian Airlines (Moscow) reported net income for 12 months ending on December 31, 2012 totaled 4.939 billion rubles ($158.6 million), which is 5.544 billion rubles ($178 million) (-52.9 per cent) less compared to its results for 2011. The lower net income in 2012 was justified by the carrier mainly due to the consolidation of its subsidiaries.
Copyright Photo: Paul Denton. Boeing 767-36N ER VP-BAV (msn 30107) taxies to the runway at Geneva.
Titan Airways (London-Stansted) has become a privately-owned company. The airline which is celebrating its 25th Anniversary, issued this statement:
Titan Airways has become a fully privately owned business. The business is now owned outright by managing director and founder, Gene Willson, who recently bought out long term investors 3i.
Originally holding a 37% stake in Titan’s parent company, Hagondale, 3i’s ownership was reduced to 22% last March and the remaining balance of shares were purchased at the end of last year.
Mr Willson said, “We are extremely pleased to achieve this milestone in such a significant year – our 25th birthday. 3i have been a very supportive partner but completing the purchase of their shares provides us with full control of our long-term development plans for the airline. The additional shareholding also gives us the flexibility for further business opportunities.”
When Titan Airways was founded in 1988 it was a two man operation operating a single light aircraft, a Cessna 404 Titan. Today we have grown into one of the UK’s most successful charter airlines with 250 staff and a versatile fleet of 12 aircraft, ranging from a 6 seat Citation CJ2+ to a 265 seat Boeing 767-300 (see above). A 13th aircraft, an Airbus A320-233, will be joining the fleet in the spring.
Mr Willson, who still regularly captains several of the aircraft types in the Titan Airways fleet, believes our success can be attributed to our ability to deliver bespoke services with exacting attention to detail to a diverse customer base.
Copyright Photo: Karl Cornil. Boeing 767-36N ER G-POWD (msn 30847) completes its final approach into London (Heathrow).