Airwork 1H profit up 9.5% as Rifa takeover offer passes 75% threshold

Sun, 26 Feb 2017

By Sophie Boot Feb. 27 (BusinessDesk) - Airwork Holdings, the Auckland-based aircraft services business, lifted profit 9.5 percent in the first half as it awaits the outcome of a partial takeover offer from Chinese group Zhejiang Rifa Holding Group. Net profit rose to $12.7 million in the six months ended Dec. 31, from $11.6 million a year earlier, on a 1 .3 percent lift in revenue to $84.5 million. Earnings before tax rose 10.5 percent to $20.4 million with the company expanding its fixed-wing division significantly in the first half. Ai...

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