The new “Armenia” airlines company founder and Director Tamaz Gaiashvili assured today that the company can ensure profit with 3 planes.

He made this statement at the meeting with journalists, answering Banks.am question on whether the company with three planes could be profitable.

“The number of planes should correspond with passenger traffic, every excess plane is a source of harm for the company,” said Tamaz Gaiashvili.

“Armenia” intends to utilize 3 planes obtained on lease on the initial stage, until increasing their number up to 8 by the end of the year.

The company will carry out regular flights to Moscow and Tel Aviv from April 21 in Zvartnots airport, later adding flights, particularly to Tehran, Dubai, Prague, Barcelona, London, and different Russian cities.

“Armenia” announced the minimal price for one-way air ticket to be €49. Furthermore, this price is valid for air tickets bought in two-month advance, which are non-refundable.

Additionally, according to the company’s other founder Robert Hovhannisyan, this price doesn’t include taxes and airport services. With those taken into account, the air ticket price will make up to €95-96.

Robert Hovhannisyan assured that the rates they offer will be favorable for the population.

“Armenia” founders refrained from answering Banks.am question on the source and amount of investments made to create the company.

The company’s owners also announced their intention to hold Initial public offering (IPO).

“I hope that the company will achieve financial stability in 2-3 years, and we’ll be able to enter shares market,” said Tamaz Gaiashvili, at the same time stressing the importance of the role that support from Armenian government plays in the company’s future development.

Touching upon “Open skies” policy adopted by the government, Tamaz Gaiashvili emphasized that it doesn’t imply “identical relations with all countries”. According to him, relations with every country should be regulated by bilateral agreements.

Commenting on the news circulating in mass media that the owner of 50% of “Armenia” shares is Armenian Prime Minister Hovik Abrahamyan, Tamaz Gaiashvili reassured that he has no connections to the airlines company.

Robert Hovhannisyan clarified that 51% of “Armenia” shares belongs to Armenian citizen Ashot Torosyan, 25% to him, and other 24% to Tamaz Gaiashvili.