Air Partner Private Jets Logs $4M Loss in FY09
The Private Jets division of charter broker Air Partner suffered a £2.5 million ($3.9 million) loss in its fiscal year that ended on July 31, according to the firm’s financial report that was released yesterday. Overall, the UK-based group saw profits before tax fall 57 percent to £4 million ($6.4 million) on sales that were 23 percent down at £194.3 million ($309 million). In its financial results, Air Partner reported that it had to downsize the private jets business in response to a 21-percent dip in its sales to £46.4 million ($73.7 million). In the process it incurred an exceptional charge of £440,000 ($705,000) to cover payments to laid off employees and it also had to write off £540,000 ($858,000) on a project to build a new hangar for its Air Partner Private Jets (APPJ) aircraft operating subsidiary at London Biggin Hill Airport. The group’s accounts also show a £2.1 million ($3.3 million) “impairment” in recognition of the reduced goodwill valuation of APPJ.