Pallas Air, previously known as Lifa Air, has released its financial results for the second half of 2023. The company was formed through the merger of Genano and Lifa Air at the end of 2023. During the period from July to December, Pallas Air recorded a turnover of EUR 2.0 million, an increase of EUR 500,000 compared to the same period in 2022. Inderes, a company that tracks Pallas Air’s performance, predicts a turnover increase to EUR 2.9 million in the upcoming period.
The EBITDA for the second half of 2023 was a loss of EUR 900,000, an improvement from a loss of EUR 1.4 million in the previous year. Inderes expects EBITDA to strengthen to EUR 300,000 in the upcoming period. The operating loss for July to December was EUR 2.5 million, down from EUR 3.3 million in the previous year. Inderes estimates the loss to decrease to EUR 1.1 million in the upcoming period.
Vesa Mäkipää, CEO of Pallas Air, stated in the financial report that 2023 was a challenging year due to post-Covid decline in demand for key products. However, with recent updates on strategy and goals focusing on clean and healthy air products portfolio expansion and profitability turnaround by achieving profitability by 28-31% by next year through cost adjustments synergy benefits from merger supply chain development and profitable growth is achievable medium term goal is profitable business growth targeting annual turnover approximately eur
