Lufthansa maintenance subsidiary Lufthansa Technik (LHT)boosted its profits by 53%during 1997, achieving DM94.1 million ($52.2 million) on sales of DM3.03 billion.
According to executive board member George Gallus, the figure is attributable to a huge influx of new business from outside the Lufthansa Group, with 50 new contracts signed and 14 more airlines added to the customer base.
The company also made major investments in 1997, including the acquisition of 20% of Florida-based Heico Aerospace Holdings, 30%of Condor/Cargo Technik and the establishment with Bombardier of Lufthansa Bombardier Aviation Services in Berlin.
Overall, LHT invested some DM100 million during the year and increased to 10 the number of subsidiaries and companies in which it holds a stake, representing total sales of DM1.2 billion.
After a strong start to this year, with 13 new customers and 25 new contracts in the first quarter alone, LHT has increased working hours at its Hamburg engine and aircraft overhaul shops. It is planning to hire an additional 300 staff.
Source: Flight International
