Lithuanian carrier Small Planet Airlines has reported a profit of €19.2m ($20.9m) for 2015, more than doubling the profit it posted for the previous year.
For the year ending December 31, 2015, group revenues grew by 27 per cent last year to €182m ($198.6m) from €143.2m ($156.3m) in 2014 while Small Planet increased the number of aircraft under certificate from 11 to 18.
Vytautas Kaikaris, CEO of Small Planet Airlines, said the carrier exceeded expectations for the year having experienced a number of flight cancellations due to terror incidents in Egypt and France.
"Contrary to many other airlines, we didn’t just get lucky – due to our business nature, drop in fuel prices had no impact on our results. The main source of improved profitability was growth in activity,” Kaikaris added.
The airline said it plans to reinvest the profits into cabin interior work and “other growth projects”.