10 Feb 2015

Airwork confident of annual profit forecast

2:49 pm on 10 February 2015

Airwork Holdings is expecting to meet its own forecast for a $14.5 million dollar annual net profit.

The company also said it had leased three of the seven Boeing 737 aircraft it bought last October and should have them converted from passenger planes to freighters by June.

Airwork said these leases point to further opportunities in the airline and express freight markets and it sees strong demand throughout the world.

That will help take some of the pressure off its engineering arm, which the company said may be affected by a slowdown in helicopter trading due to falling oil prices hurting the oil and gas industry.

Airwork said it could benefit from greater leasing opportunities as potential clients seek to cut costs and pursue less capital intensive options.

The company said it had added to its helicopter leasing fleet and the expansion of its engineering facility at Ardmore, in Auckland, is well underway and should be completed later this year.

Airwork listed in late 2013 after raising $37.5 million dollars and exceeded its prospectus forecast for the year ended June last year by 17 percent.