Business / Airline suffers £5.2m loss as oil and gas passenger numbers fall
THE AIRLINE which provides flights for the oil and gas industry at Scatsta and Sumburgh made a loss of nearly £5.2 million in the last financial year.
Eastern Airways (UK) Limited said in its latest accounts that it has suffered in recent years from reduced passenger numbers in the oil and gas sector.
This was from the industry scaling back as a result of the fall in the price of oil.
“We are expecting to see some improvements in passenger volumes in 2020 as the oil price continues to recover,” the airline said in its accounts.
Eastern also said that “significant fluctuations” in the value of the pound against the dollar and Euro resulting from Brexit has had an impact as a large proportion of parts and fuel are priced in US dollars.
The loss, however, was an improvement on 2017/18’s figure of £6.7 million.
Following the end of the financial year the company was sold by parent company Bristow to Orient Industrial Holdings, which is run by Eastern Airways founder Richard Lake.
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