UK charter operator Titan Airways saw pre-tax profit slip to £5.12 million in the year to 31 March 2012, against £6.47 million during the same period a year earlier.
Turnover rose to £73.7 million, up from £68.8 million in 2011, according to accounts just field at Companies House.
In a statement accompanying the accounts, the company says it is pleased with the performance given the challenging economic environment. It notes that turnover rose, despite "a reduction in overall flights of 10%". It says this was due to longer-distance contract flying as part of a strategy to "reduce the reliance upon seasonal flying".
"The directors continue to focus on widening the customer base with a combination of longer-term contracts and higher-margin, shorter-term contract flying," it says.
Initial trading during the current financial year "has been strong", it says, although notes there are a number of contract renewals due in the period "which if not renewed may put commercial pressures on the business".
According to Flightglobal's Ascend Online database the carrier operates a total of 11 passenger or freighter aircraft, including Boeing 737, 757 and 767 types.