Lithuanian maintenance provider FL Technics nearly doubled its net profit in 2018, to €10.8 million ($12.1 million) from €5.7 million the previous year, while revenue grew 14% to €103 million.
Chief executive Zilvinas Lapinskas attributes the profit growth to "persistence, lean implementation in our maintenance process and a rapid reaction to an ever changing competitive environment".
He notes a "bloom" in the MRO provider's international parts and materials business, and that it laid "solid ground for a future growth in Asia-Pacific" by opening a warehouse in the region and establishing a maintenance joint venture with China Aircraft Leasing Group's Aircraft Recycling International division in Harbin.
FL Technics has a warehouse in Singapore, the company's website indicates.
FL Technics' hangar in Kaunas
The Vilnius-based MRO provider says a number of "top notch" line maintenance contracts with European and Middle Eastern operators have also increased its profitability.
These include a line-maintenance deal with Central European budget carrier Wizz Air for its operation in Vienna.
In September, FL Technics disclosed an €11 million base maintenance agreement with Lufthansa Group, covering checks on 28 Airbus A320-family aircraft.
Lapinskas says 2018 was a "year of constant growth and geographical expansion".
The first paragraph has been updated to clarify that the net profit increased in 2018