Airwork ups profit forecast

Last updated 13:05 19/03/2014
Airwork CEO Chris Hart
BUOYANT: Airwork CEO Chris Hart says the firm's helicopter division is trading above expectations.

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Aircraft leasing and maintenance company Airwork expects to beat its the full-year net profit forecast by $1 million.

In an investment statement ahead of listing on the NZX, the Auckland-based company had forecast an $8.4m profit after tax But this has been upgraded to $9.4m for the year to June 30.

Chief executive Chris Hart, said the improved forecast was on the back of helicopter division trading above expectations.

Airwork shares jumped 6 cents to $2.90 a share in morning trading, following the announcement, but have since come back to $2.85.

Airwork had also received a "satisfactory" insurance payout after a Boeing 737 aircraft was written off following a crash in the Solomon Islands capital Honiara, on January 26.

The Boeing 737 freighter was extensively damaged when part of its main landing gear collapsed after landing at Henderson Field last month.

The aircraft was flying in the livery of the Australian-based freight company Toll.

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- Fairfax Media

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