Enter Air reports its H1 2018 results

• Enter Air’s revenues in H1 2018 increased 34.2% to USD 132.1 million from USD 98.4 million in the corresponding period of 2017.
• Operating profit is up 78%.
• EBITDA rose 64% to USD 16.4 million.
• Net profit was USD 9.4 million.
• The first two Boeing 737-8 MAX aircraft are planned to join our fleet in Q4 2018.
• The Company paid dividends of USD 2.6 million for 2017, i.e. a dividend per share of USD 0.15.

– “Our interim results are in line with our expectations. We improved top line and EBITDA. Improved results are the outcome of enhancing our operating efficiency, which when coupled with our fleet having one additional aircraft enabled us to operate more than 30% more commercial flights than last year. The beginning of the summer season was also very favorable to us and made a positive contribution to our margin. We gaze into the latter half of the year with optimism. We can already say that the overall summer season will be a record-breaking period” – says Grzegorz Polaniecki, General Director and management board member of Enter Air.

In H1 2018 Enter Air performed 32.4% more operations than last year. The Group’s top line rose 34.2% to USD 98.4 million while its EBITDA was USD 16.4 million. The air carrier generated net earnings of USD 9.4 million. Company operates mainly in USD and EUR, however the financial reports in Poland are published in PLN, and such converted results were influenced by negative foreign exchange losses (approx. USD – 5.4 million). This is purely a virtual change and therefore Company is planning to change its reporting standard and start reporting in USD instead of PLN in the near future, avoiding the potential distortion of the foreign exchange gains or losses.

Moreover, the accumulation of aircraft technical inspections during the early part of the year exerted an unfavorable impact on the results in the period under analysis. The positive contribution made by Enter Air Services (inhouse Line Maintenance service) that launched operations in Q1 2018 is also visible in the first half of the year. This entity is responsible for technical service and aircraft maintenance, thereby generating savings for the Group.

The total value of contracts signed by the air carrier on the Polish market and abroad exceeds USD 280 million. Enter Air has concluded long-term contracts with the largest travel agencies in Poland: TUI Poland, Rainbow Tours and Itaka Holdings. Last month it executed a charter contract with Coral Travel Poland, a travel agency, whose estimated value surpasses USD 27 million.

The Enter Air fleet consists of 18 Boeing 737-800 aircraft. At the end of 2018, the first two of the six Boeing 737-8 MAX aircraft we have ordered will join our fleet.

In June 2018 Enter Air paid dividends of USD 2.6 million, yielding a dividend per share of USD 0.15, thereby continuing our policy of sharing our profits with our shareholders.