Avantair Moves Closer to Profitability

 - June 4, 2008, 5:19 AM

Piaggio Avanti fractional provider Avantair is narrowing its losses and on course to reach profitability in the near future, company CEO Steven Santo said May 14 during a quarterly investor conference. In the first three months of this year, the Clearwater, Fla.-based operator increased its year-over-year revenues by 51 percent, to $29.9 million, and decreased its net loss by $2 million, to $5.4 million. Santo said charter card and demonstration flight revenues increased 42 percent and 80 percent, respectively, over last year’s levels.