Avantair Moves Closer to Profitability

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.