Pallas Air, formerly known as Lifa Air, released its financial results for the second half of 2023, reporting a turnover of EUR 2.0 million. The company was formed at the end of 2023 through a merger between Genano and Lifa Air. In comparison, Lifa Air had a turnover of 1.5 million euros during the same period in 2022. Analysts at Inderes project a further increase in turnover to 2.9 million euros.
During the second half of 2023, Pallas Air reported an EBITDA loss of EUR 0.9 million, an improvement from the EUR 1.4 million loss in the previous year. Inderes expects the EBITDA to strengthen to a loss of 0.3 million euros. The operating loss for the company was 2.5 million euros in July–December, down from 3.3 million euros in the comparison period. Inderes anticipates the operating loss to decrease to 1.0 million euros in the latter half of the year.
CEO Vesa Mäkipää commented that 2023 was a challenging year for the company due to decreased demand for key products post-Covid.
To address these challenges, Pallas Air has outlined a new strategy focused on clean and healthy air.
The company aims to return to profitability by
