Avion Group’s profits down

Avion Group’s profits down    Avion Group, the expansionist Icelandic investment company with a global air and sea transportation portfolio, posted net income of $2.8 million for its third quarter ended July 31, down from $58.8 million in the same quarter 2005.
   Operating income was $19.5 million, down 74 percent from $75.8 million a year ago. Revenue was up 4 percent to $676.4 million from $651.1 million.
   The company has spent heavily in the last year acquiring the Excel Airways Group, Star Airlines and Reykjavik-based ocean carrier Eimskip. Results for these companies were not included in Avion’s comparable period.
   Other Avion subsidiaries include Air Atlanta Icelandic, Avia Technical Services, Avion Aircraft Trading, Emex Airways and Star Europe.
   Avion, through Eimskip, recently bought Lithuania-based European short-sea container shipping line Kursiu Linija for about 8 million euros ($10.2 million) and is planning a C$574 million ($515.2 million) offer for the outstanding shares in Atlas Cold Storage, North America’s second-largest cold storage company.